MADAN GOPAL RADHEYLAL Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) BY this reference under section 27 of the Wealth-tax Act (hereinafter referred to as the Act), the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad (hereinafter referred to as the Tribunal), has referred the following questions of law for the opinion of this court :

(2.) THE assessee is a Hindu undivided family which deals in shares of companies and has also income from dividends, properties and share in the partnership firm of M/s. Radheylal Garg and Company.

(3.) THE value of any asset, other than cash for the purposes of this Act, shall be estimated to be the price which in the opinion of the Wealth-tax Officer it would fetch if sold in the open market on the valuation date.