1979 (11) TMI 37

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....se are three connected writ petitions and can be disposed of by a common judgment. The petitioners are kartas of HUFs and are assessed to wealth-tax. The net wealth of each of the petitioners consists of shares held in a number of companies, some of which are quoted on the stock exchange and some are not quoted. The dispute in the present case arises out of common facts and it may be sufficient to....

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.... the valuation, at Rs. 850 per share of these shares, made by the assessee. On March 26, 1979, the WTO served a notice on the assessee under s. 17(1) of the W.T. Act. Though the notice did not indicate whether the proceedings were under cl. (a) or (b) of that sub-section, since the notice was issued after the expiry of four years from the end of the assessment year 1970-71, it is clear that the....

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....lows: The value of all the liabilities as shown in the balance-sheet of such company shall be deducted from the value of all its assets shown in that balance-sheet. The net amount so arrived at shall be divided by the total amount of its paid-up equity share capital as shown in the balance-sheet. The resultant amount multiplied by the paid-up value of each equity, share shall be the break-up va....

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....as purported to take action for reassessing the petitioner. But the difficulty is that this fact was available in the balance-sheet of Raunaq & Co. Pvt. Ltd. which had been filed before the WTO. That apart, the original assessment order also shows that the WTO had occasion to consider the market value of the equity shares of Bharat Steel Tubes Ltd. itself because the petitioner himself held a cert....