PURUSHOTTAM DAS BANGUR Vs. WEALTH TAX OFFICER

JUDGEMENT

(1.) Purushottam Das Bangur, the petitioner herein, is the karta of an HUF known as Purushottam Das Bangur HUF.

(2.) The said family is an assessee under the W.T. Act, 1957. For the assessment year 1970-71, wealth-tax return of the said family was filed on September 29, 1970, showing a net wealth of Rs. 11,58,454 on the relevant valuation date, being March 31, 1970. The wealth of the petitioner consisted, inter alia, of shares in various joint stock companies held by the said family being both quoted and unquoted shares.

(3.) The quoted shares were valued as on the date of valuation at the market rate prevailing, based on the official market quotation list of recognised stock exchanges. The unquoted shares were valued according to valuation reports of valuers.