1997 (11) TMI 25

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....titions are filed by the Commissioner under the Wealth-tax Act, 1957 (Act No. 27 of 1957---for short "the W.T. Act"), for issuance of a direction to the Tribunal to state a case and refer the common questions of law, as below for the opinion of this court : "(1) Whether, on the facts and in the circumstances of the else, the Tribunal was right in law in holding that the value of unquoted equity....

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.... assessment years. Subsequently, the Commissioner of Wealth-tax was of the view that the unquoted shares held by the assessee should have been valued under rule 1D of the Wealth tax Rules, 1957 (for short "the W. T. Rules"), that is to say, the break-up method and not on the yield basis. Therefore, lie was of the further view that the assessments made for all these assessment years were erroneo....

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....of the Wealth tax Act and ordered for the restoration of the assessment orders passed by the Assessing Officer originally, thereby allowing all the appeals. The Revenue, aggrieved by the orders as above, filed reference applications under section 27(1) of the Wealth-tax Act, requiring the Tribunal to state a case and refer the common questions of law as stated above to this court and the Tribun....

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....heir Lordships of the Supreme Court, referring to a catena of decisions emerging from the Supreme Court, inclusive of the decision in CGT v. Kusumben D. Mahadevin (Smt.) [1980] 122 ITR 38 (SC), ultimately held that the valuation of the unquoted shares should be made on the basis of the break-up method under rule 1D of the Wealth tax Rules mandatorily and no option is inhering in favour of the Asse....