1 wtr37-99 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.37 OF 1999 Shri D.H. Ambani (HUF) ..Applicants Versus The Commissioner of Wealth-tax, Bombay City VI, Bombay ..Respondent. Mr.J.D. Mistri, Senior Advocate with Mr.P.C. Tripathi with Mr.Raj Darak for the applicants. Mr.Suresh Kumar for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 1st December 2011 P.C. : 1. At the instance of the applicant / assessee, the Income Tax Appellate Tribunal (‘ITAT’ for shot) has referred the following question of law under Section 27(1) of the Wealth Tax Act, 1957 for the opinion of this Court:- “Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that the amount under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, constitute an asset under Section 2(3) of the Wealth Tax Act and, therefore, includible in the net wealth of the assessee, for the assessment years in consideration ?” 2. Counsel for the parties state that in view of the decision of this 2 wtr37-99 Court in the case of Smt.Smitaben N. Ambani V/s. Commissioner of Wealth Tax, reported in (2010) 323 ITR 104 (Bom) (particularly para-8 thereof), the question referred by the ITAT is liable to be answered in favour of the Revenue and against the assessee. 3. Accordingly, the reference is disposed off by answering the question in the affirmative i.e. in favour of the Revenue and against the assessee. No costs. (A.R. Joshi, J.) (J.P. Devadhar, J.)