1992 (7) TMI 110

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....issioner of Wealth-tax (Appeals) dated 21st November, 1990 for the assessment year 1989-90. 2. The solitary question for consideration before us is the valuation of the unquoted equity shares. The Assessing Officer had valued the shares under rule 1D of the Wealth-tax Rules without applying the ratio of the decision of the Bombay High Court in the case of CWT v. Pratap Bhogilal [1987] 167 ITR 5....

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....Bombay High Court, which was rendered in the context of rule 1D, was no more applicable. He accordingly restored the matter to the file of the Assessing Officer with the direction that the value of the shares be redetermined in the light of the provision of Schedule III without applying the ratio of the aforesaid decision of the Bombay High Court. 3. The learned counsel for the assessee assaile....