( 1 ) THIS is a Reference under Section 27 (1) of the Wealth Tax Act of 1957 for determination of the following questions: (1) Whether on the facts and in the circumstances of the case, the Wealth Tax Officer was justified in taking the value of the assets of the assesses as shown in its balance sheet on the relevant valuation date? (2) Whether on the facts and in the circumstances of the case, in computing the net wealth of the assessee, the amount of proposed dividend was deductible from the total assets? (3) Whether on the facts and circumstances of the case, in computing the net wealth of the assessee, the amount of the provision for payment of income-tax and super-tax in respect of the year of account was a debt owed within the meaning of Section 2 (m) of the Wealth Tax Act, 1957 and as such deductible in computing the net wealth of the assessee?

( 2 ) THE facts are as follows: the assessee is a company incorporated under the Indian Companies Act. Its subscribed capital at the end of the relevant accounting year was Rs. 2,29,99,125/ -. In Schedule 'd' annexed to the balance sheet its fixed assets were shown as being worth Rs. 2,60,52,357/-, the original cost