COMMISSIONER OF WEALTH TAX Vs. ANUP KUMAR

JUDGEMENT

(1.) IN pursuance of the direction of this Court, the Tribunal has stated the case and referred the following question of law for consideration under S. 27(1) of the WT Act, 1957 :

(2.) THE assessment year involved is 1989-90. The assessee is an individual holding certain shares in Solidaire India Ltd. The shares are also quoted in Stock Exchange and the issue that arises is regarding the mode of valuation of the shares, which are quoted in the stock exchange. The Tribunal followed an earlier order in the case of A.S. Ananth (W.T.A. No. 542 (Mad) of 1991, dt. 18th May, 1994) to take the view that it will not be proper to value the shares at the price quoted in the stock exchange, though shares were quoted in stock exchange.