- (1.) ON an application under Section 27(1) of the WT Act, the Tribunal has referred the following question : 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding the order of the CWT(A) directing the AO to take the value of Prem Prakash Cinema building as per finding of first appellate authority for asst. yr. 1979 -80 by making enhancement by 10 per cent in each assessment year over the value adopted for the earlier years ?'
(2.) THE assessee -HUF is a partner in a partnership firm of M/s S. Zoraster and Co. which, Inter alia, owns an immovable property known as Prem Prakash cinema building. The assessee -HUF declared the value of its interest in the said immovable property at minus figure whereupon the WTO made a reference under Section 16A of the Act to the valuation cell of the Department. The District Valuation Officer valued the said property at positive figures and estimated the value of assessee's interest therein accordingly. The assessee approached the CWT(A) in the first appeal. The CWT(A) directed the WTO to determine the value of the said immovable property for the years under consideration by enhancing the value by 10 per cent in each year over the value adopted for earlier year. That view has been affirmed by the Tribunal.
(3.) HEARD learned counsel for the parties.;