COMMISSIONER OF GIFT TAX Vs. MOHANLAL CHATURBHUJ

JUDGEMENT

(1.) IN this reference at the instance of the Revenue, the following question is referred for our opinion in respect of asst. yr. 1982-83 :

(2.) MR . Tanvish Bhatt learned counsel appears for the Revenue. Though served, none appears for the respondent-assessee.

(3.) AT the hearing of this reference, Mr. Tanvish Bhatt for the Revenue has invited our attention to the decision of the Supreme Court in the case of Bharat Hari Singhania vs. CWT (1994) 118 CTR (SC) 125 : (1994) 207 ITR 1 (SC) in support of his contention that r. 1D providing for valuation of unquoted shares is mandatory in nature.