K.C.AGRAWAL,J. - (1.) HAVING heard counsel for the parties, we are of the opinion that the following question of law arises for decision, we direct the Tribunal to draw up a statement of the Case and to refer it to this Court for its opinion. 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming, the view taken by the CWT(A) that the valuation of the property known as Prem Prakash Cinema should be taken at Rs. 21,16,000 as determined by the Tribunal in the assessees case for the asst. yr. 1974 -75 and it should be enhanced by 10 per cent in each of the subsequent years for the purpose of determining the assessees interest in the firm M/s. S. Zoraster and Co. ?'
(2.) QUESTION No. 1 does not arise in this case. It will be separately dealt with in WT Ref. No. 49/80.;