SHYAMAL KUMAR SEN, J.

( 1 ) IN these references made at the instance of the Revenue, the following question of law has been referred to this court by the Income-tax Appellate Tribunal under Section 27 (1) of the Wealth-tax Act, 1957 :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the direction of the Commissioner of Wealth-tax (Appeals) for deduction of liabilities towards provision for income-tax, proposed dividend and gratuity from the value of the assets of the company for the purpose of determination of the value of the unquoted shares of Messrs. Paharpur Cooling Towers (Pvt.) Ltd. on the break-up value method in accordance with Rule 1d of the Wealth-tax Rules, 1957, though the directions of the learned Commissioner of Wealth-tax (Appeals) were in contravention of the express provisions of Sub-clauses (b), (e) and (f) of Clause (ii) of Explanation II to Rule 1d of the Wealth-tax Rules, 1957"

( 2 ) BEFORE going to the merits of the controversy, we reframe the aforesaid question as follows :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the direction of the C

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