Rama Jois, J.—Whether the market value of a residential building under self-occupation of the owner-assesses for purposes of levying wealth-tax under the W.T. Act should have been ascertained under capitalisation of annual rental value method, and not by adopting the land and building method, is the precise question of law arising for consideration in these two references made by the Income Tax Appellate Tribunal, in respect of the assessment years 1970-71 and 1971-72, pertaining to the same assessee under s. 26(1) of the W.T. Act hereinafter referred to as "the Act").

2. The assessee owns several house properties in the City of Bangalore. One of them is occupied by the assessee. It is No.5, Richmond Road, Bangalore. The area of the site is 23,280 square feet. The built area is 3,845 square feet. For the five assessment years, 1965-66 to 1969-70, the assessee had furnished a report from a registered valuer as to the valuation of that property. The value of the building was given at Rs. 83,907. The valuer valued the site at qf Rs. 5.25 per square feet. But he had taken into account only the actual built area. The WTO accepted the valuation of the building and also the rate p