1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO. 03 OF 1983 Shri Vijayant Singhania .. Applicant Versus Commissioner of Wealth Tax, Bombay .. 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 on the facts and in the circumstances of the case the Tribunal is justified in holding that in working out the fair market value of the assets for their inclusion in the assessee' s, net wealth under the Wealth-tax Act, 1957, deduction cannot be allowed of the estimated notional capital gain tax in the event of the sale of these assets ? 2 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.)