JUDGMENT

R.S. Pathak, J. - The Appellate Tribunal has made this reference u/s 27(1) of the Wealth-tax Act, 1957, on the following question :

"Whether, on the facts and in the circumstances of the case, the assessment For the assessment year 1957-58 of the market value of the bonds of the face value of Rs. 26,27,300 is right in law having regard to the provisions of Section 2(e) of the Wealth-tax Act, 1957, and the provisions of the U. P. Zamindari Abolition and Land Reforms Act, 1951 ?"

2. The assessee, Maharaja Pateshwari Prasad Singh of Balrampur, owned extensive estates in the State of Uttar Pradesh. On the abolition of zamindari under the U. P. Zamindari Abolition and Land Reforms Act his proprietary rights as an intermediary in the estates ceased and vested in the State of Uttar Pradesh and he became entitled under the Act to compensation. The compensation was paid, in accordance with the provisions of the Act and the rules made thereunder, in the form of promissory notes described as Zamindari Abolition Compensation Bonds. The assessee received compensation bonds of the face value of Rs. 190,550 during the period immediately prior to March 31, 1957. Subsequently, on various date