COMMISSIONER OF WEALTH TAX Vs. SHARBATI DEVI JHALANI

JUDGEMENT

(1.) THE petitioner seeks reference of the following question of law to this Court :

(2.) Learned counsel for the petitioner states that the said decision of this Court has not been accepted by the Department and a special leave petition is pending in the Supreme Court. Be that as it may, as far as this Court is concerned, the decision in the aforesaid case clearly covers the present controversy before us and, as far as this Court is concerned, the question sought to be raised is academic.

(3.) Learned counsel for the petitioner then sought to contend that even if Sharbati Devi Jhalani's case (supra) is correct, nevertheless it has not been correctly applied by the Tribunal. It is sought to be contended that this Court never meant that r. 1D would not apply if the valuation date of the company, whose shares are not quoted, and the valuation date of the assessee do not coincide. We do not agree with this submission. At page 559, this Court observed as follows :