MAHADEO JALAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE question as recast by us, that has been referred to us in these proceedings by the Tribunal, "A" Bench, Calcutta, is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law to follow the method involving the principle of 'break -up' instead of the method involving the principle of 'yield value'in determining the value of the shares in question under s. 7 of the WT Act -

(2.) SEC . 7 of the WT Act as it stood on the date when the question came to be considered which arises for decision in this case, was as follows : "7. Value of assets how to be determined. - -(1) The value of any asset, other than cash, for the purposes of this Act, shall be estimated to be the price which in the opinion of the WTO it would fetch if sold in the open market on the valuation date."

(3.) IT is unnecessary to refer to the remaining portion of the section, which has no bearing on this case.