N.V.Balasubramanian, J.

Pursuant to the directions of this Court in T.C.P.Nos.283 to 290 of 1992 dated 16.11.1992, the Income-tax Appellate Tribunal has stated a case and referred the following questions of law for our opinion with reference to the assessments of two assessees, namely, CT.Chidambaram and CT. Karuppan Chetty for the assessment years 1979-80 to 1982-83:

"Whether the Tribunal was correct in law in confirming the cancellation of reassessments ignoring the fact that even though acquisition proceedings had been dropped by the Government, the amount of compensation offered by the Government in respect of the property in question, viz., Julutang property was an indication of its market value and it was much more than the value assessed originally for the assessment years 1978-80 to 1982-83?"

2. The tax case references arise under the provisions of the Wealth-tax Act, 1957. The two assessees are brothers. They have one other brother, by name CT.Muthukaruppan and their grandfather was the owner of a large piece of land measuring 2,16,820 sq.ft. in Malaysia in a portion of which buildings were standing. On the death of the grandfather, the father of the three brother