Ajit K.Sengupta, J. - (1.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred at the instance of the Commissioner of Income-tax, the following questions for determination : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that Rule 1D of the Wealth-tax Rules, 1957, is directory and not mandatory ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the unquoted shares of Birla Brothers (P.) Ltd. should be valued on net maintainable profit method and not on break up value method in accordance with the provisions of Rule 1D of the Wealth-tax Rules, 1957?
(3.) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in holding that the assets held by the minor assessee in the Kumar Mangalam Birla Trust on the valuation dates were his beneficial interest of the trust and not the corpus of the trust and in that view of the matter the beneficial interest only should be included in the net wealth of the assessee?;