K.J. IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.31 OF 1999 WEALTH TAX REFERENCE NO.31 OF 1999 WEALTH TAX REFERENCE NO.31 OF 1999 In the matter of R.A.No.3461/Bom/1990 (Arising out of W.T.A.No.968/Bom/1989) (Assessment Year : 1980-1981) Shri Mukesh D.Ambani ) 7, Alt View, Altamount Road, ) Bombay-400 026. )..Applicant V/s. The Commissioner of Wealth-tax ) Bombay City-VI, Bombay )..Respondents ---- Mr.J.D.Mistry i/by Raj Darak for the applicant. Mr.P.S.Sahadevan for the respondents. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 16.01.2009. P.C. 1. The two questions which have been referred for our opinion under Section 27(1) of the Wealth Tax Act are as under :- (1) "Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that the amount of Rs.4,04,259/- under the Compulsory Deposit Scheme (Income-tax Payers) Act,1974, constitute an asset under Section 2(e) of the W.T.Act, and therefore, includible in the net wealth of the assessee for the assessment year 1980-81"? (2) "Whether on the facts and in the circumstances of the case, the Tribunal was right in Law in holding that the amount of Rs.5,11,623/- representing income-tax refund likely to be due on the basis of the returns filed form part of the taxable asset u/s. 2(e) of the Wealth-tax Act on the valuation date ?" 2. For the reasons recorded in the judgment and order separately delivered today in Wealth Tax Reference No.34 of 1999, question no.(1) is answered affirmatively and against the assessee whereas question no.(2) is answered negatively and in favour of the assessee. 3. Reference stands disposed off with no order as to costs. (R.S.Mohite,J) (F.I.Rebello,J)