2012 (10) TMI 375 - HC - Wealth-tax

Date of valuation of shares - Whether the Tribunal was right in law in holding that the value of shares must be taken at the rate quoted the lowest in any of the stock exchange situated in the country though the assessee was assessed to tax elsewhere - Held that - the tribunal is directed to draw the statement of case and refer the aforesaid question of law to this Court.

Summary

The Allahabad High Court directed the tribunal to draw a statement of case and refer a question of law to the Court regarding the valuation of shares of M/s Jai Prakash Industries Limited. The tribunal was given four months to comply with the order. The reference application was allowed. [2012 (10) TMI 375 - ALLAHABAD HIGH COURT]