COMMISSIONER OF WEALTH TAX Vs. NANI DEVI

JUDGEMENT

(1.) THE Tribunal has referred the following question of law, which arises out of its order dt. 22nd Sept., 1988 under s. 27(1) of the WT Act :

(2.) THE matter as to whether the provisions of r. 1D of the WT Rules are mandatory or directory, was considered by the apex Court in the case of Bharat Hari Singhania & Ors. vs. CWT (1994) 118 CTR (SC) 125 : JT 1994 (2) SC 6. It was held by the apex Court that the WTO has to follow and apply r. 1D in each and every case where he has to value the unquoted equity shares of a company. THE contention of the assessees that it is merely directory and need not be followed at the choice of the WTO or the assessee, was not accepted.