JUDGMENT 1. - This is an application under section 27(3) of the Wealth-tax Act, 1957, in respect of the assessment year 1975-76, arising out of the Wealth-tax Appeal No. 245/JP of 1987, dated November 23, 1987. The assessee declared the value of "Zoraster Haveli", Jaipur, at Rs. 2,08,017. The Valuation Officer determined the value of this property as on October, 1973, at Rs. 6,41,000 by the order under section 16A(5) dated July 18, 1977. Against this order, an appeal was filed to the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) allowed the appeal partly by holding that the valuation of Prem Prakash Cinema building will be Rs. 21,16,000 plus Rs. 2,11,600 equivalent to Rs. 23,27,600. Thereafter, an application under section 35 of the Wealth-tax Act was filed and it was allowed and the valuation of the Prem Prakash Cinema building was cancelled by the Commissioner of Income-tax (Appeals). Against this order, the Wealth-tax Officer filed a second appeal before the Income-tax Appellate Tribunal Jaipur Bench, Jaipur, which was dismissed by the order dated November 23, 1987. The Income-tax Appellate Tribunal agreed with the Commissioner of Income-tax (Appeals) that the building was owned by the firm, and, therefore, additional wealth-tax could not be charged as the building was used only for the purpose of business. Thereafter, an application moved by the Department for making a reference to the High Court was rejected. The questions sought to be referred are mentioned at page 27, as under : "1. Whether, on the facts and in the circumstances of the, case, the Tribunal was right in holding that the cinema building 'Prem Prakash' was an urban business asset and no additional wealth-tax was leviable in respect of the assessee's interest in M/s. S. Zoraster and Co., which owned the cinema building ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the view taken by the Commissioner of Wealth-tax (Appeals) that the valuation of the property known as Prem Prakash Cinema should be taken at Rs. 21,16,000 as determined by the Tribunal in the assessee's case for the assessment year 1974-75 and it should be enhanced by 10% in each of the subsequent years, for the purpose of determining the assessee's interest in the firm, M/s. S. Zoraster and Co. ?" 2. 21,16,000 as determined by the Tribunal in the assessee's case for the assessment year 1974-75 and it should be enhanced by 10% in each of the subsequent years, for the purpose of determining the assessee's interest in the firm, M/s. S. Zoraster and Co. ?" 2. The Tribunal held that the income from Prem Prakash Cinema building is assessed as business income. Hence, it could not be said that it was not an urban business asset. The second question sought to be referred by the Department was regarding the valuation of Prem Prakash Cinema building. 3. Both these questions referred to above were held by the Tribunal to be basically questions of fact. Under the first question, the controversy was whether the building of Prem Prakash Cinema building was an urban business asset and the second question was about the valuation of the said building. 4. We have heard learned counsel for the parties and, in our opinion, the application made by the Department for referring of the two questions, mentioned above, is misconceived inasmuch as the Income-tax Appellate Tribunal rightly found that they were questions of fact. 5. No legal question has been raised, and, therefore, we reject the application. *******