1975 (1) TMI 1

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....he Constitution is brought up on the ground that r. 1D of the Rules framed under the W.T. Act is not valid, because it is unreasonable or arbitrary. Section 7 of the W.T. Act provides for the procedure for assessing the value of the assets to be charged to wealth-tax. By an amendment of the section, the market value should be estimated to be the price which, in the opinion of the WTO, would fetch ....