Judgment

KHANNA, J.:- This appeal on certificate is directed against the judgment of Patna High Court whereby that Court answered the following three questions referred to it under Section 27 of the Wealth Tax Act, 1957 (Act No. 27 of 1957) thereinafter referred to as the Act) against the assessee :

(l) Whether in computing the market value of the shares the assessee is entitled to the deduction of a sum of Rs. 2,30,546 by way of brokerage commission?

(2) Whether on a true construction of Sections 5 (1) (viii) and 5 (1) (xv) of the Wealth Tax Act, the assessee is entitled to the exclusion of the value of jewellery amounting to Rs. 27,27,330 from the computation of his total wealth?

(3) Whether any part of the amount of Rs. 36,87,419 fixed as compensation payable to the assessee under the Bihar Land Reforms Act is liable for inclusion in the total wealth of the assessee?"

2. The assessee was former Maharajadhiraja of Darbhanga. The matter relates to the assessment year 1957-58, the relevant valuation date for which was March 31, 1957. The assessee filed a return on April 22, 1958 declaring a net wealth of Rs. 2,77,489. A revised return was filed subsequently showing the total wealth to