1978 (8) TMI 56

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....ssessee declared their value at a figure which was worked out by calculating the break-up value as well as the average value and taking their mean to be the proper value. The assessee further contended that this was the method adopted by it for valuing these very shares in the assessment years 1961-62 to 1966-67 and the same can be applied for the years in question. The WTO differed. He relied on r. 1D of the W.T.Rules and calculated the value of the shares according to the method prescribed in that rule. The assessee went up in appeal and succeeded. The AAC upheld the objection of the assessee and the valuations shown by the assessee were accepted to be correct. This view was accepted by the Tribunal. The Tribunal held that its consiste....

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.... the opinion in the case mentioned above. Mr. Khare placed reliance on Deep Chand v. State of U.P., AIR 1959 SC 648. There the Supreme Court was considering the constitutional validity of the U.P. Transport Service (Development) Act. This case is hardly helpful. We are not called upon to decide the constitutional validity of r. 1D, as we cannot do it in a reference. In the aforesaid case, the provision under consideration was on the question of determination of compensation by the District Judge against the order of the Transport Commissioner. In the present case, r. ID applies to the assessing authority, whosoever it may be, from the beginning right up to the end. It is equally applicable to the WTO as well as the higher appellate authorit....