HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM R.C. No.71 OF 1994 JUDGMENT:- (per Hon’ble Sri Justice G. Chandraiah) At the instance of revenue for the assessment years 1985-86, 1986- 87 and 1987-88, the following question of law has been referred under Section 27(1) of the Wealth Tax Act, 1957 for the opinion of this Court. “Whether, on the facts and in the circumstances of the case, the Tribunal was justified in confirming the order of the commissioner of Wealth-tax (Appeals) in allowing a deduction of 50% from the valuation fixed by the Approved Valuer Shri Chowlera, in respect of the adjustment on account of uncertainties, risks, hazards of litigation etc.?” 2. In answering the question, the Tribunal followed its earlier order for the assessment years 1980-81 and 1981-82 in the case reported in Wealth Tax Officer vs. Trustees of HEH the Nizam’s Jewellery Trust[1]. The above question fell for consideration before this Court in R.C.No.172 of 1996 and this Court by its order dated 10.12.2013 answered the question against the revenue and in favour of the assessee. 3. In view of the same, the appeal is disposed of answering the question in favour of the assessee and against the revenue. No order as to costs. Miscellaneous Petitions, if any, pending in this R.C shall stand disposed of. 4. Let a copy of the judgment in R.C.No.172 of 1996 be tagged to the copy of this judgment. ______________________ G. CHANDRAIAH,J ____________________________ CHALLA KODANDA RAM, J Date:10.12.2013. Gk. HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM R.C. No.71 OF 1994 Date:10.12.2013. Gk. [1] 35 ITD 402