1989 (12) TMI 28

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... wal raised a preliminary objection relying on a decision of the Delhi High Court in CWT v. Himalaya Trading Co. [1987] 168 ITR 586. The objection was that the Tribunal having adopted a particular method of calculating the fair market value which was reasonable and proper, no question of law can be said to arise out of the order of the Tribunal. We are unable to agree. In our opinion, the objection .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... or the purpose of section 7(1) of the Wealth-tax Act, in determining the assessee's interest in the partnership firm by adopting the fair market value of the assets in question, namely, the cinema building, on the income mobilisation basis instead of the land and building method adopted by the Wealth-tax Officer ? (2) If the answer to the above question is in the negative and against the assessee .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X