1992 (11) TMI 4

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....section 27(3) of the Wealth-tax Act, 1957, for the assessment year 1983-84, the following question of law has been referred to this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the proper method of valuation of unquoted equity shares in Messrs. Aminchand Payarelal (P.) Ltd. should be yield method though the company had no profi....

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....iness activities for the past several years. The main items of assets held by the company were investments. Besides, Aminchand Payarelal (P.) Ltd. was the holding company of Park Hotels (P.) Ltd., Park Hotels (P.) Ltd. was again the holding company of Flury's Swiss Confectionery (P.) Ltd. and again Flury's Swiss Confectionery (P.) Ltd. was the holding company of Aruna Estate (P.) Ltd. The company,....

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....estion at Rs. 7,721 per share. Being aggrieved, the assessee preferred an appeal before the Commissioner of Wealth-tax (Appeals) who held that the valuation of shares of the above company by either applying rule 1D or even by net maintainable profit method would become nil. At the same time, he also held that in view of Aminchand Payarelal (P.) Ltd. holding shares of the other companies having ....

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....of the shares of Aminchand Payarelal (P.) Ltd. was on the basis of yield method. The Tribunal also reversed the order of the Commissioner of Wealth-tax (Appeals) to the effect that some valuation was to be placed on the shares for the reason that the company was holding valuable shares in some other companies. It appears to us that the Tribunal has not adverted to the question whether Aminchand....