(-1-) MGN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.117 OF 1998 The Commissioner of Wealth Tax....Applicant Vs. Shri A.N. Biwandiwalla & Ors.....Respondents Mr.P.S. Sahadevan, for the Applicant. CORAM: F.I. CORAM: F.I. CORAM: F.I. REBELLO REBELLO REBELLO & R.S.MOHITE, JJ. R.S.MOHITE, JJ. R.S.MOHITE, JJ. DATED: 13th February, 2009 DATED: 13th February, 2009 DATED: 13th February, 2009 P.C.: P.C.: P.C.: .. The Tribunal at the instance of the Revenue referred the following question:- "1.Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that in respect of valuation of as 1/3rd share, interest in the property known as assessee’s "Nepean House" the valuation should be made applying the provisions of Rule 1BB which came into force under the W.T. (Amendment) Rules 1979 with effect from 1.4.1979?" 2. At the instance of the Assessee the Tribunal referred the following question:- "1. Whether, on the facts and in the (-2-) circumstances of the case, the Tribunal was justified in holding that in determining the value of the shares of the assessee in the firm of Messrs. Khan Bahadur H.M.D.H. Bhiwandiwalla & Co., the Wealth-tax Authorities were justified in making addition to the value of the assessee’s share in the firm by re-valuing the shares in limited companies held by the firm?" 3. In so far as the question No.1 which was referred at the instance of the Revenue the same would be covered by the judgment of the Supreme Court in Commissioner of Wealth Tax vs. Sharvan Commissioner of Wealth Tax vs. Sharvan Commissioner of Wealth Tax vs. Sharvan Kumar Swarup & Sons, 210 ITR 886 (S.C.) Kumar Swarup & Sons, 210 ITR 886 (S.C.) Kumar Swarup & Sons, 210 ITR 886 (S.C.) For the reasons set out therein the question is answered in the affirmative in favour of the assessee and against the Revenue. 4. In so far as the question referred at the instance of the assessee is concerned, when the matter is called none present. Hence reference is returned as unanswered to that extent. (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.)