KUSUMBEN D MAHADEVIA SMT Vs. UPADHYA N C

JUDGEMENT

(1.) THIS judgment will also govern Wealth -tax Reference No. 10 of 1973.

(2.) THE wealth -tax reference arises out of the order of the Tribunal which is also challenged by the petitioner in this petition, as a question relating to the validity of r. 1D of the W. T. Rules, 1957, (hereinafter referred to as " the Rules"), was not referred by the Tribunal to this Court for opinion.

(3.) IN the assessment proceedings for the asst. year 1968 -69, the petitioner filed a statement showing investment in shares of companies located in India, in which the value of the shares of the Surat Cotton Mills was shown at Rs. 254 per share and the total value of 1,232 shares held by the petitioner was shown at Rs. 3,12,928. The WTO seems to have accepted this valuation. But when the matter was taken in appeal to the AAC, it appears from his order that the applicability of r. 1D of the Rules in respect of the shares of the Surat Cotton Mills was disputed. It may be stated that it is not in dispute that if the shares are valued in accordance with the manner prescribed in r. 1D, the value of each share would stand correctly determined at Rs. 254. The AAC took the view that the value of the shares was correctly determined under r. 1D of the Rules.