Sabyasachi Mukharji, J. - (1.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, three questions have been referred to this court: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that in computing the net assets of W. H. Harton & Co. Ltd. for the purpose of determining the break-up value of its shares the sum of Rs. 61,800 being the amount of proposed dividend should be allowed as a deduction. (2) Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the assessee was not the owner of 32,440 shares of Rohtas Industries Ltd.. (3) If the answer to the question No, 2 is in the negative, then whether the Tribunal was justified in holding that in respect of the shares of Rohtas Industries Ltd., only a sum of Rs. 1,63,200 should be included in the net wealth of the assessee in place of Rs. 4,69,894."
(2.) There is a slight mistake in question No. 2. The figure should be 22,440 shares of Rohtas Industries Ltd. and not 32,440 as is inadvertently stated in the said question.
(3.) In view of the decision of this court in the case of Commissioner of Wealth-tax v. Smt. Radha Debi M. Nopany, and in the case of Commissioner of Wealth-tax v. Mohan Lal Nopany, and the decision of the Supreme Court in the case of Kishanlal Haricharan v. Income-tax Officer, the question No. 1 referred to this court must be answered in the negative and in favour of the revenue. We need not, therefore, discuss the facts relating to this question.;