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TMI Blog1986 (9) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... and Smt. Homi Illavia had 125 and 220 shares respectively of Udaipur Distillery Co. Ltd., Whose shares are not quoted. The assessee valued the shares in accordance with the r. 1D and returned the value of nil. The WTO, on the other hand took the value of the shares at Rs. 2,25,000 and Rs. 3,96,000 on the basis that on 1st April, 1981 the shares were sold @ Rs. 1,800 each. The ld. AAC in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions in WTO vs. Sheo Prasad Napany (1986) 25 TTJ (Cal) 297 : (1986) 16 ITD 166 (Cal) and WTO vs. Ritu Nanda (Mrs) (1985) 14 ITD 269 (Del) 3. We have considered the submission of the Department and also have taken note of the written submissions of the assessee. At the outset we may wish to observe that the submission of the Department appear to have a lot of force, as a particular share which ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re business as a whole and arrive at the value per share. When the WTO has to apply the provisions of s. 7(2), he has necessarily to follow the procedure that has been prescribed therein. He has to necessarily adopt the provisions that are contained in r. 2A to r. 2G. As already observed earlier the WTO does not carry out this exercise. The WTO purely went by the sale value and chose not to follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le only or when the Board has clearly provided there under all circumstances the rule shall be followed then there appear to be very little merit in the case before us. Further, we are also bound by the Special Bench decision in the case of WTO vs. Ritu Nanda (1985) 14 ITD 269 (Del)(SB) where it was held that r. 1D is mandatory and, therefore, respectfully following the said decision, we have only ..... X X X X Extracts X X X X X X X X Extracts X X X X
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