MGN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.9 of 1983 Shri Madhupati Singhania ..Applicant Vs. The Commissioner of Wealth Tax ..Respondent Ms. V.B. Patel, for the Applicant Mr. P.S. Sahadevan, for the Respondent. 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 learned Tribunal referred the following question for consideration:- "Whether, on the fact and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that the liability of the assessee on account of notional capital gain on the notional sale of their shares cannot be taken into consideration while computing their net wealth for each of the assessment years under consideration." . The issue is answered in favour of the Revenue by the judgment of the Supreme Court in in Bharat Hari Singhania v. CWT (1994) 207 ITR 1 (SC) Bharat Hari Singhania v. CWT (1994) 207 ITR 1 (SC) Bharat Hari Singhania v. CWT (1994) 207 ITR 1 (SC). In the light of the above, Reference answered in the negative against the assessee and in favour of the Revenue. (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.)