COMMISSIONER OF WEALTH TAX Vs. Y P PUNJ

JUDGEMENT

(1.) IN this application for reference under s. 27(3) of the WT Act, 1957, a reference is sought of the following questions of law :

(2.) THE facts of the case are that the assessee was a shareholder of M/s Punj Sons (P.) Ltd. owning shares of a face value of Rs. 75,000. THE CWT passed an order under s. 25(2) holding that the WTO's order accepting the face value was erroneous and prejudicial to the interests of the Revenue. He valued the shares of M/s Punj Sons (P.) Ltd., under r. 1D of the WT Rules, 1957, at Rs. 192 per share. THE assessee appealed to the Tribunal, who agreed that the shares had to be valued on the basis of r. ID because these were unquoted shares. In making the calculation under that rule, the balance sheet of M/s Punj Sons (P.) Ltd., had to be referred to, which showed an investment of Rs. 17,85,600 in the shares of M/s Pibco Ltd. However,