(1.) THIS is an application under S. 27 (3) of the WT Act, 1957, whereby the petitioner seeks a direction to the Tribunal to state the case and refer the following question of law to this Court :
(2.) BRIEFLY stated, the facts are that the WTO was concerned with the valuation of the shares of M/s Doorvani Cables (P) Ltd. which were held by the respondent. The WTO valued the said shares by applying r. 1 -D of the WT Rules. An appeal was filed against this order and, following the decision of this Court in Sharbati Devi Jhalani vs. CWT (1986) 159 ITR 549, the CWT (A) directed that the said shares should be valued by applying the yield method.
(3.) THE WTO filed an appeal before the Tribunal. The Tribunal, following the decision of this Court in Sharbati Devi's case (supra), dismissed the appeal. Thereafter, an application under S. 27(1) was filed but the same was also dismissed by the Tribunal. Hence, this petition under S. 27(3).