GOPAL CHANDRA PATTNAIK Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THESE applications appertain to the assessment years 1959-60 to 1965-66. As a common question relating to valuation of shares held by the assessee in Messrs. Kalinga Tubes Ltd. came up for consideration during the aforesaid assessment years, the authorities including the learned Appellate Tribunal have passed a common order and have valued the shares as per the break-up method mentioned in Rule 1D of the Wealth-tax Rules, 1957. At the behest of the assessee, the following question of law has been referred for the opinion of this court:

(2.) THE peculiar facts about which mention has been made in the aforesaid question relate to a long line of litigation involving the assessee. This court also had occasion to deal with the dispute and vide its decision in Shanti Prasad Jain v. Kalinga Tubes Ltd., AIR 1962 Ori 202, it was held, inter alia, by this court that the shares with whose valuation we are concerned and of which at the relevant time the Central Bank of India was the registered holder/pledgee, would be transferred to Shanti Prasad Jain and/or his nominee at the face value of the said shares. It is, therefore, required to be seen as to whether, on its peculiar facts, anything else than the face value is to be taken as the market value of the shares.