M.R.Sharma, J.

1. The following questions of law have been referred to us for opinion by the Income-tax Appellate Tribunal, Chandigarh Bench :

"(1) Whether, on the facts of the case, the Tribunal was, in law, in error : (i) in sustaining the rejection of the valuers report at annexure 3, so far as the assessees 1/3rd share in the house property in Harkishan-pura is concerned;

(ii) in sustaining the rejection of the land and building method for valuation of the aforesaid asset; and

(iii) in adopting a multiple of 12 for valuing the aforesaid asset according to the capitalization method ?

(2) Whether, on the facts and circumstances of the case, the Tribunals order as to valuation of the assessees 1/3rd share in the house property in Harkishanpura, Ludhiana, is vitiated by reason of not having taken into consideration the wealth-tax assessment order dated January 7, 1975, made in the case of the assessees brother, Shri Ranjit Kumar, a co-sharer in the said property for the assessment year 1972-73 ?"

2. The assessee was the owner of 1/3rd share of the property in dispute which he valued at Rs. 73,333 on the basis of the certificate given by an estate valuer appointed by the Gov