Y.R.Meena, J. - (1.) On an application under Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred the following questions set out at page 2 of the statement of case for our opinion : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Commissioner cannot rely on the report of the valuer to invoke the provision of Sub-section (2) of Section 25 of the Wealth-tax Act, 1957 ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in quashing the order of the Commissioner of Wealth-tax under Sub-section (2) of Section 25 of the Wealth-tax Act, 1957 and in allowing the assessee's appeal ?"
(2.) The assessment years involved are 1967-68 to 1974-75. The Wealth-tax Officer has made assessment valuing the immovable properties of the assessee and in 1967-68, he valued the property of the assessee at Rs. 7,70,090. The same value was repeated up till 1969-70. In the assessment year 1970-71, the value has been taken at Rs. 7,69,690. The same value has been taken for the assessment years 1971-72 to 1973-74. In the assessment year 1974-75, the value has been taken at Rs. 7,15,400.
(3.) On a perusal of the records and considering the valuation report of the Valuation Officer, the Commissioner of Wealth-tax has set aside the assessment orders and directed the Wealth-tax Officer to make a fresh assessment in accordance with law and consider the report of the Valuation Officer by making fresh assessment orders.;