Ajit K.Sengupta, J. - (1.)In this reference under Section 27(1) of the Wealth-tax Act, 1957, for the assessment years 1984-85 and 1985-86, the following questions of law have been referred to this court :
"1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the deduction of Rs. 72,000 in computing the net maintainable rent under Rule 1BB of the Wealth-tax Rules"

(2.)Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that Rs. 5,13,566 and Rs. 5,88,138 could not be assessed to the wealth-tax under Sub-section (3) of Section 40 of the Finance Act, 1983, in the assessment years 1984-85 and 1985-86, respectively ?"
(3.)The facts leading to this reference are that the assessee, Messrs. Champa Properties Limited, were assessable to tax for the assessment years 1984-85 and 1985-86 under Section 40 of the Finance Act, 1983. The assessee, on the valuation dates, owned a house property at 36A, Shakespeare, Sarani, Calcutta, and the value of the above property was to be assessed under the above section. The Assessing Officer determined the value of the house property on the basis of the "net maintainable rent" under Rule 1BB of the Wealth-tax Rules.
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