Per Dr. Justice B.P. Saraf, Chief Justice

By this reference under section 27(1) of the Wealth Tax Act, 1957 ("Act") (erroneously numbered as Income-tax Reference), at the instance of the revenue, the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar ("Tribunal") has referred the following question of law to this Court for opinion:

"Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in confirming the order of the CIT (A) quashing the assessment framed by the WTO following the decision of J&K High Court in the case of P.C. Oswal v W.T. reported in 142 ITR, 574?"

2. The material facts giving rise to this reference are as follows: The assessee filed his return of net wealth on 25th February, 1978 declaring his net wealth at Rs. 1,26,000/- . The Inspecting Assistant Commissioner of Wealth-tax made the assessment on 30th March,1982 and determined the net wealth of the assessee at Rs. 2, 64,810/-. This he did by enhancing the value of immovable properties and disallowing the claim of the assessee that a plot of land, measuring 4K 1M., owned by him, was agricultural land. The assessee appealed to the Commissioner of Income-tax (Appeals), Amritsa

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