CWT Vs. AMAR SINGH

JUDGEMENT

(1.) At the instance of the revenue, the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for brevity 'the Tribunal') while exercising jurisdiction under Section 256(1) of the Income Tax Act, 1961 (for brevity 'the Act) has referred the following question of law for the opinion of this Court which is stated to have emerged out of the order dated 13-11-1997 in WTA No. 144/Asr/1992 in respect of assessment year 1989-90:

(2.) The undisputed facts are that the assessee, filed return of wealth-tax of Rs. 8,73,000. During the assessment proceedings it was noted that the assessee had declared valuation of shares of M/s Guru Nanak Auto Enterprises (P) Ltd., Goraya numbering 4,325 @ Rs. 118.32 per share against the value of Rs. 255.88 declared in the case of other shareholders. It was found to be correct. Accordingly, the assessing officer valued the shares @ Rs. 255.88 and made the addition in the valuation of M/s G.N.A. Enterprises (P) Ltd., to the extent of Rs. 5,94,947. The assessee came in appeal and the Commissioner (Appeals) after hearing the assessee restored the matter to the file of the assessing officer with direction to recompute the market value of the shares on the 'yield basis'. Against the above order, the revenue approached the Tribunal.

(3.) The Tribunal appears to have referred the question of law for the opinion simply on the ground that other reference applications like RA Nos. 108 to 113 and 165 to 167/Asr/1990, 114 to 117 and 168 to 172/Asr/1990 and 118 to 124 and 173 and 174/Asr/1990 had already been referred vide order dated 25-11-1991.