JUDGMENT

Ashok Bhushan, J.

All these appeals raising common questions of law have been heard together and are being decided by this common judgment. The High Court vide its separate judgments dated 21.10.2005 decided six Wealth Tax References aggrieved by which, the assessees have come up in the appeal. All the assessees are partners in a firm M/s. G.D. & Sons. One of the assets of the partnership Firm is a Cinema building known as "Alpana Cinema" situate at Model Town, New Delhi. The question which was referred to the High Court for answer relates to the correct method of the valuation of the property that is Alpana Cinema for assessment under Wealth Tax Act. Reference of facts and proceedings in C.A. NO.3836 of 2011 shall be sufficient to decide all these appeals.

2. M/s. G.D. & Sons of which firm the appellants are partners, purchased land and building in semi-constructed condition on 04.06.1965 for a sum of Rs. 8,00,000/-. The construction was completed and Cinema Theatre, Alpana started running in the premises. The Alpana Cinema property was valued by assessment books of accounts. On pending assessment of Wealth Tax of one of the partners, the Wealth Tax Officer made a reference