1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO. 08 OF 1983 Shri Ajaipat Singhania .. Applicant Versus Commissioner of Wealth Tax .. Respondent Ms. V. B. Patel for the Applicant Mr. P.S. Sahadevan for the Respondent CORAM: F.I. REBELLO, & R.S. MOHITE, JJ. DATED: FEBRUARY, 05, 2009 P.C. 1. The Tribunal has referred the following questions: i. Whether the Appellate Tribunal did not err in deciding that the liability for capital gains was not to be deducted from the market value of assets in arriving at the fair market value of the same for purpose of Wealth Tax Act ? ii. Whether the Appellate Tribunal did not err in treating the liability for capital gains like any other expense which might be incured for transferring the assets ? 2 iii. Whether the appellate Tribunal had been misled in applying the ratio of the decision of the Supreme Court in Pandit Lakshmikant Jha Vs. C.W.T., reported in 1990 ITR 97 ? 2. The issue is answered in favour of Revenue and against the Assessee by the Judgement of the Supreme Court in Bharat Hari Singhania Vs. Commissioner of Wealth Tax, (1994) 207 ITR 1. 3. Considering the above, the Reference is answered in favour of Revenue and against Assessee. ( R.S. MOHITE, J. ) ( F. I. REBELLO, J.)