HON’BLE SRI JUSTICE G. CHANDRAIAH & HON’BLE SRI JUSTICE CHALLA KODANDA RAM RC No.65 OF 1997 JUDGMENT :: ( per Hon’ble Sri Justice Challa Kodanda Ram ) At instance of the Revenue, below mentioned questions of law have been referred to the opinion of this Court which arise from the order of the Tribunal in RA Nos.353 to 355/HYD/1993 arising out of WTA Nos.456 to 458/HYD/1992 for the assessment years 1985-86 to 1987-88. “Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in confirming the order of the Commissioner of Income-tax (Appeals) insofar as fixing the value of the jewellery forming part of the Trust at 50% of the value fixed by the valuer on the alleged grounds of uncertainties, hazards and risks of litigation etc. ?” “Whether the Appellate Tribunal is justified in holding that the alleged uncertainties, hazards, risks of litigation and burden of tax liability etc. pleaded by the assessee constituted factors for reduction of valuation upto 50% of the valuation fixed by the approved valuer ?” “Whether the Appellate Tribunal is justified in holding that the Wealth-tax Officer would be entitled to make further adjustments to the valuation as determined by the valuation Officer under Section 16A (5) of the Wealth Tax Act ?” “Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in allowing the exemption under Section 5 (1) (xii) of the WT Act in respect of 7 items of jewellery claimed to represent art treasures ?” 2. When the matter is taken up for hearing, both the learned counsel submit that questions 1 to 3 are covered by orders in RC No.172 of 1996 and required to be answered in favour of the assessee. It is further stated that question no.4 is also required to be answered in favour of the assessee in view of the judgment of this Court in ITR 262 page 306. Recording the submission made by the learned counsel, the reference is answered in favour of the assessee against the Revenue. Miscellaneous petitions, if any, pending in this reference case shall also stand disposed of. There shall be no order as to costs. 3. Let a copy of the order in RC No.172 of 1996 be tagged to the copy of this order. _______________________ G. CHANDRAIAH, J ____________________________ CHALLA KODANDA RAM,J Dated: 11-02-2014 NRG HON’BLE SRI JUSTICE G. CHANDRAIAH & HON’BLE SRI JUSTICE CHALLA KODANDA RAM RC No.65 OF 1997 ( per CKR,J ) Dated: 11-02-2014 NRG