DOSHI H J Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) PURSUANT to the order of the High Court at the instance of the assessee the following two questions are referred for our determination under of the W.T. Act, 1957 (hereinafter referred to as 'the Act') :

(2.) WHETHER , on the facts and in the circumstances of the case, the principle of valuation under of the Wealth -tax Act, 1957, applies while valuing the shares of Amritlal and Co. Private Limited, in the hands of the assessee ?'

(3.) DEALING with the second contention first, the circular on which reliance was placed by Mr. Dilip Dwarkadas deals with valuation of shares not quoted on stock exchange. It states that in the case of shares which are not quoted on the stock exchange quotation, the following method of valuation may be adopted :