BALIA, J. - (1.) IN all these cases whether are references made under Section 27 of the Wealth Tax Act,1957 or are appeals under the same Section as amended w. e. f. 1. 10. 1998, the common set of facts giving rise to a common question, as raised in these cases, on the happenings which took place in the accounting period since 1965-66, the matters relate to various assessment years as per the details which are given in Appendix "a".
(2.) TO make the record of proceeding complete we notice the questions referred in W. T. Reference and W. T. Appeals. In RA No. 97 to 102/jp/96 at the instance of assessee, the question referred to by the Tribunal is as under:- "whether the learned Tribunal was right in law in treating the assessee to be the owner of the gold in question and estimating the value of the assessee's interest in the said gold at 25% of the market value of gold on the relevant valuation date? (b) The question referred to in RA No. 114 to 119/jp/96 at the instance of Revenue reads as under:- "whether on the facts and in the circumstances of the case, the I. T. A. T. was justified in estimating the value of 57 Kgs. Of gold @ 25% of the market value on the relevant dates? These Reference Applications before the Tribunal relate to assessment years 1983-84 to 1988-89. Likewise in WT Appeals filed by the Assessee, following common substantial questions of law have been framed respectively. (a) "whether the learned Tribunal was right in law in holding that 25% of the market value of the gold need to be included in assessee's net wealth?" (b) "whether the impugned gold having been assessed in the Wealth of M/s. Megh Ji Girdhar Lal (HUF), its inclusion in the hands of the Appellant suffers from vice of double Taxation?" In additional to aforesaid two questions in WTA No. 8 to 11 on behalf of the assessee, following additional question has been framed:- (c) "whether the learned Tribunal had material and was right in law in changing the status from individual to HUF instead of annulling the impugned assessment?
(3.) IN Appeals at the instance of Revenue, following common question of law has been framed: (d) "whether on the facts and in the circumstances of the case the ITAT was justified in estimating the value of 57 Kilos of gold @ 25% of its market value on relevant valuation date (s)?" We have made reference to these questions by way of illustration. However, the basic facts and circumstances giving rise to these questions remain the same and substance of the issue remains the same for all assessment years hence all these cases were heard together and are decided by this common order. The first returns were filed in pursuance of notice under Section 17 of the Wealth Tax Act, 1957 on 27. 03. 1978. The question relates to valuation of 57 Kgs. Of Gold, which was delivered by the assessee to Government Treasury in the form of Gold Bars and is primary gold. The ownership was claimed by the assessee as on the respective valuation dates. ;