2007 (3) TMI 210

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....n of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), for the opinion of this court. "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that the accountant's certificate can be furnished even during the course of assessment proceedings when as per the second proviso to rule 9A o....

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.... show cause as to why the value of the shares in question should not be taken on market price (as per rule 9 of Schedule III to the Act). In reply, the respondent-assessee filed an accountant's certificate dated October 25, 1991, i.e., of a date anterior to the date of filing of return of wealth. The Assessing Officer, however, held that the respondent-assessee had failed to comply with the requir....

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....ad [1979] 118 ITR 392, it was submitted that the requirement of attaching the accountant's certificate with the return of wealth was a mere procedural requirement. On consideration of the facts, the Tribunal held that while compliance with the requirement of obtaining the accountant's certificate was mandatory, the manner of submitting proof of such compliance along with the return was only direct....

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....m the market value of such quoted shares on average basis. As in the present case the certificate of the accountant was not attached along with the return but was filed subsequently, the Tribunal was not justified in giving the benefit of rule 9A of the IIIrd Schedule. The submission is misconceived. Filing of the certificate given by the accountant for the average value of the quoted shares is on....