COMMISSIONER OF WEALTHTAX Vs. GAUR HARI SINGHANIA

JUDGEMENT

(1.) UNDER S. 27(3) of the WT Act, 1957 ('the Act') the Tribunal has stated the following question for the opinion of this Court:

(2.) THE controversy pertains to the reference to the Valuation Officer for valuation of the unquoted shares under r. 1D of the WT Rules, 1957, as it then stood. This Court has held in its decision in 1991 UPST Case 9 that r. 1D is mandatory and is binding upon the authorities under the Act, including the Valuation Officer.

(3.) SO far the validity of r. 1D is concerned, this Court has already held it to be valid and also held that there is no conflict between r. 1D and S. 24(6) or between r. 1D and S. 7 of the Act.