1983 (7) TMI 73

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....of certain shares held by the assessee. Some of the shares were quoted at different stock exchanges and were showing different rates. In many cases, the assessee valued them at the lowest quotation. The ITO, however, held that they required to be valued at the highest quotation at any stock exchange in the country. 2. The assessee appealed to the AAC. The latter, following a circular of the Boa....

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....l authorities which are the subject of dealings in a recognised stock exchange may be valued on the basis of the closing price noted on the stock exchange, on the valuation date. For this purpose, if an assessee is assessed within a State in which there is a recognised stock exchange, the price quoted on that exchange may be taken into account. However, if there is no recognised stock exchange in ....

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.... v. CWT [1980] 123 ITR 893. He further contended that in the circumstances of the case, the highest rates in any stock exchange of the country were rightly taken by the WTO for valuing the shares held by the assessee. 4. We have carefully considered the submissions placed before us. Under section 7(1) of the Wealth tax Act, 1957, the value of any asset is to be estimated to be the price which, ....