The following question has been referred by the Income-tax Appellate Tribunal, Guwahati Bench at the instance of Revenue under section 27 (1) of the Wealth-tax Act, 1957 (for short, the Act) :

"Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that reversionary value of the land in question of the tenanted property should not be taken into account ?"

2. The reference arises in regard to wealth-tax assessments in relation to three brothers who own undivided £rd share in certain common assets. The assets include a building in property No. 250 B, Lake Town, within the limits of Calcutta Corporation. The assessees valued it at Rs. ],79,224/-as suggested by an approved valuer. This valuation was made by the multiplier method on the basis of the contract rent. Wealth-tax Officer (WTO) referred the matter to the Departmental Valuation Officer, who fixed the value at Rs. 5,05,838/- by adding the value of the 'reversionary right of the landlord' to the value arrived at on the basis of the rent. The WTO accepted the same and passed assessment order on that basis. The appellate authority held that there was no justification to inclu