COMMISSIONER OF WEALTH TAX Vs. T BHASKARAN

JUDGEMENT

(1.) IN this reference under S. 27(3) of the WT Act, 1957, the following questions of law have been referred to this Court :

(2.) SHORTLY stated the facts are that the assessee, Mr. T. Bhaskaran, is an individual. The assessment year involved is 1982-83, the valuation date being 31st March, 1982. The net wealth of the assessee on the aforesaid valuation date included share of M/s Otto India Pvt. Ltd. The WTO valued the above shares on yield basis as per the order of the AAC dt. 30th Sept., 1982.

(3.) THE CWT considered the submissions advanced before him. He held that the decisions of the Delhi and Bombay High Courts need not be followed. With reference to the observations of the Supreme Court the CWT observed that the above case was not relevant to decide the applicability of r. 1D of the WT Rules. In the above circumstances, he set aside the assessment and directed the WTO to make fresh assessment by applying r. 1D of the WT Rules for valuation of unquoted shares of M/s Otto India Pvt. Ltd.