Ajit K.Sengupta, J. - (1.) In this reference under Section 27(3) of the Wealth-tax Act, 1957, the following questions of law have been referred to this court for the assessment year 1981-82: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Assessing Officer to value the unquoted shares by applying the yield method ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in rejecting the valuation of the coffee estate made by the Wealth-tax Officer on the basis of the Board's Circular No. 357 dated March 26, 1983 (see [1983] 143 ITR (St.) 4)?
(3.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in directing the Assessing Officer to accept the valuation of shares of the assessee in the coffee estate as shown by the assessee on the basis of the report of a registered valuer?" 2. The facts relating to the first question are that the assessee had shares of the following companies : 1. Birla Bros. Pvt. Ltd., 2. Hyderabad Agencies Pvt. Ltd., 3. Kores India Ltd.,;