Ajit K.Sengupta, J. - (1.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, the following questions of law have been referred to this court, for the assessment years 1978-79, 1979-80 and 1980-81, at the instance of the assessee : Common questions in R. A. No. 118(Cal) of 1987 and R. A. Nos. 119 and 134(Cal) of 1987 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was not entitled to deduction of the estimated notional amount of capital gains tax ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the compulsory deposit in the Compulsory Deposit Scheme (Income-tax Payers) Account under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, was to be taken into consideration in computing the net wealth of the assessee ? "2. There is an additional question in R. A. Nos. 119 and 134/(Cal) of 1987, which is as follows "3. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the Circular No. F. No. 6/8/68-W. T. dated September 20, 1968, cannot affect the valuation for the assessment years other than 1968-69 to 1970-71 ?"
(3.) The first common question is concluded by the decision of this court in Matter (Wealth-tax) No. 1158 of 1984 (Smt Vinita Devi Singhania v. CWT [1991] 191 ITR 233) where judgment was delivered on February 18, 1991. Following the said decision, the first common question in this reference is answered in the affirmative and in favour of the Revenue.;