JUDGMENT B.P. Jeevan Reddy, C.J.
1. These applications are filed under Section 27(3) of the Wealth-tax Act, 1957, to refer the following three questions of law for the opinion of this court ;
"1. Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was legally correct in directing the Assessing Officer to value the shares on yield basis ignoring the fact that, in these cases, the provisions of Rule 1D of the Wealth-tax Rules were clearly applicable ?
2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in setting aside the valuation of the shares made as per Rule 1D of the Wealth-tax Rules ?
3. Whether the Income tax Appellate Tribunal was right in following the order of the Hon'ble Supreme Court in CWT v. Mahadeo Jalan [1972] 80 ITR 621 which was passed in respect of the assessment years 1956-57 and 1958-59 when Rule 1D was not in existence (Rule 1D was introduced by the Wealth-tax- (Amendment) Rules, 1967, issued under Notification No. GSR 1536, dated October 6, 1967, with effect from that date) ?"
2. Having heard the parties and, in view of the decisions in CWT v. Sripat Singhania [1978] 112 ITR 363 (All) and Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All), we are of the opinion that questions of law do arise but it would be sufficient if we refer questions Nos. 1 and 3 since question No. 2 is implicit in these two questions.
3. Accordingly the Tribunal shall state questions Nos. 1 and 3 under Section 27(3) of the Wealth-tax Act. The application is disposed of accordingly.