- (1.) THE Amritsar Bench of the Income-tax Appellate Tribunal made Wealth-tax References Nos. 6 and 7 of 1978 raising the following questions for decision of this court under Section 27 (1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act") : "1. Whether, on the facts and in the circumstances of the case, land measuring 542 kanals 19 marlas having been received by the petitioner for act of gallantry by his ancestors was not exempt under the provisions of Section 5 (1) (xviii) of the Act, 1957 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the entire amount of Rs. 37,000 in respect of Daryapur land was liable to be included in the net wealth of the petitioner ? (both at the instance of the assessee) 3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the value of 3,851 fruit-bearing trees on the land as determined by the authorities was excessive and that they should be valued afresh as fuel wood and not as fruit-bearing trees?" (at the instance of the Revenue)
(2.) THE same Bench referred an additional question (Wealth-tax Reference No. 109 of 1989) in pursuance of an order of the High Court dated May 26, 1988, under Section 27 (3) of the Act, in the following terms : "4. Whether, on the facts and in the circumstances of the case, the finding of the Appellate Tribunal regarding valuation of land is based on irrelevant considerations after rejection of relevant and admissible material on the record and is arbitrary and perverse ?" (at the instance of the Revenue)
(3.) ALL the questions have arisen out of the decision of the Appellate Tribunal dated March 14, 1977.;