1998 (2) TMI 56

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....has been referred to us is as to whether on the facts and in the circumstances of the case and having regard to rule 1D of the Wealth-tax Rules, 1957, the Appellate Tribunal was right in holding that the value of the shares held by the assessee in Premier Cotton Spinning Mills Limited, should be adopted at Rs. 140 per share for the assessment year 1976-77. The order of the Tribunal discloses that....

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....ares of the company were not quoted on the stock exchange prior to March, 1977, there had been transactions in the shares as registered in the books of the company at values which were considerably less than the market value. Counsel for the Revenue submitted that the value of the shares was required to be determined in accordance with rule 1D for the purpose of valuation under the Wealth-tax Act....