1986 (12) TMI 75

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....-81, inter alia, on the following ground: "That the ld. AAC seriously erred in holding that r. 1D of the WT Act is mandatory and not directory." 2. By status the assessee is an individual and the valuation date was31st March, 1980. The assessee owned 1424 equity shares of Gedore Tools (I) Pvt. Ltd. The said shares were valued at Rs. 276.89 per share in the statement of net wealth filed along....

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....s. The ld. WTO thus valued the shares in accordance with provision of r. 1D of the Rules. 3. This finding was contested by the assessee. On behalf of the assessee reliance was placed on the ratios in the following cases: (a) in the case of CED vs. Mahadev Jalan 1972 CTR (SC) 395 : (1972) 86 ITR 621 (SC). (b) in the case of CGT vs. Kusum Ben D. Mahadevia (1980) 14 CTR (SC) 366 : (1980) 122....

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.... High Court in concerned it was given in the context of computation of capital gains on the sale of shares. Hence that case is also distinguishable. As regards the judgment of Bombay High Court reported at 124 ITR 799, I respectfully disagree with the same. In this connection, I have noticed that Kerala High Court in the case of CWT vs. Mamman Verghese 3 Taxman 456 held that the provisions of s. 7....

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....Devi Jhalani vs. CWT (1986) 54 CTR (Del) 85 : (1986) 159 ITR 549 (Del) was relevant. On behalf of the Revenue the orders of the authorities below were supported. 6. Rival submissions have been heard and considered. The assessee in the present case resides within the jurisdiction of the Hon'ble Delhi High Court. The valuation dates of the assessee and the company are seen to be different. On the....