COMMISSIONER OF WEALTH TAX Vs. CHANDRAKALA KASTURBHAI

JUDGEMENT

(1.) AT the instance of the Revenue, the following question of law is referred to this Court for its opinion for the asst. yr. 1983-84.

(2.) WE have heard Mrs. Mona Bhatt, learned standing counsel appearing for the Revenue. Nobody appears on behalf of the respondent-assessee though notice was duly served.

(3.) AT the hearing of the reference today, Mrs. Bhatt, learned standing counsel for the Revenue, has invited our attention to the decision of the Hon'ble Supreme Court in the case of Bharat Hari Singhania vs. CWT (1994) 118 CTR (SC) 125 : (1994) 207 ITR 1 (SC) and has submitted that in view of the aforesaid decision, the Tribunal had not correctly held that the value of shares of Kasturbhai Mayabhai (P) Ltd. held by the assessee should be made on the basis of the yield method. Since the r. 1D prescribes the break-up method, the said rule was correctly applied by the AO. Following the various decisions of the Hon'ble Supreme Court, the Hon'ble apex Court has laid down the following principle in this behalf :