COMMISSIONER OF WEALTH TAX Vs. SAMIR JAIN

JUDGEMENT

(1.) ON an application under s. 27(1) of the WT Act, 1957, the Tribunal has referred the following questions set out at pp. 2 and 3 of the paper book for the opinion of this Court :

(2.) WHETHER on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the value of unquoted shares of Bonnet Coleman & Co. Ltd. be determined on yield basis and not on the break -up value method in accordance with the provision of r. 1D of the WT Rules, 1957 - the assessee on the above valuation date included unquoted shares of Bennet Coleman & Co. The WTO has assessed the shares of this company by break -up method under r. 1D. In appeal before the CWT(A) and also before the Tribunal, both has directed that value of the shares should be assessed on yield method.

(3.) NONE appeared for the assessee. Heard learned counsel for the Revenue.