COMMISSIONER OF WEALTH TAX Vs. UMANG KONORIA

JUDGEMENT

(1.) ON an application under s. 27(3) of the WT Act, 1957, this Court has directed to refer the following question set out at para. 7 at pp. 3 and 4 of the paper book for the opinion of this Court :

(2.) THE assessee is a resident -individual and assessment year involved in 1988 -89 for which the devaluation date is 31st In the course of assessment proceedings, the AO found that the assessee held on the relevant valuation date the shares of the following Companies as under :

(3.) NONE appeared for the assessee. Heard learned counsel for the Revenue. Learned counsel for the Revenue submits that now the issue is concluded by the apex Court in the case of Bharat Hari Singhania & Ors. vs. CWT & Ors. (1994) 118 CTR (SC) 125 : (1994) 207 ITR 1 (SC) : TC 63R.362. The facts are not in dispute that the shares of the companies are unquoted shares. Whether they should be valued on the yield method basis or as per r. 1D of the WT Rules, their Lordships have considered this aspect in the aforesaid case and summarized its decision at p. 34 which reads as under :