COMMISSIONER OF WEALTH TAX 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 s. 256(1) of the IT Act, 1961 (for brevity 'the Act') has referred the following question 144/Asr/1992 in respect of asst. yr. 1989 -90 : "Whether, on the facts and in the circumstances of the case, the learned Tribunal is right in law in upholding the order of the learned CWT(A) who set aside the order of the AO directing him to compute the value of the impugned 4,325 unquoted equity shares of M/s Guru Nanak Auto Enterprises (P) Ltd., Goraya on yield basis -

(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 AO 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 CIT (A) after hearing the assessee restored the matter to the file of the AO 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