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TMI Blog1967 (7) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... procedure given under s. 7(1) X X X X Extracts X X X X X X X X Extracts X X X X ..... ld not be assessed to the wealth-tax. The Wealth-tax Officer overruled the plea of the assessee and assessed it. The assessee filed an appeal before the Assistant Commissioner (Judicial) who dismissed it. It then filed a second appeal before the Tribunal. That appeal was also dismissed. For the assessment year 1961-62, the assessee had valued the closing stock of its shares in its share dealing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Supreme Court in Banarsi Dass v. Wealth-tax Officer, Special Circle, Meerut. Coming to the second question we would like to point out that the Wealth-tax Officer had a discretion either to proceed under section 7(1) of the Act or to have recourse to section 7(2)(a) of the Act. Section 7 as it is relevant for our purposes reads : " 7. (1) The value of any asset, other than cash, for the purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or under section 7(2)(a) of the Act. The words " may, instead of determining separately the value of each asset held by the assessee in such business, determine the net value of the assets of the business as a whole having regard to the balance-sheet of such business " clearly show that section 7(2)(a) of the Act provides for an alternative manner for valuing the assets and not the sole method. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Company Ltd. and Commissioner of Wealth-tax v. Mysore Commercial Union Ltd. In view of the circumstance that the reference was in respect of several years we are of the opinion that the Commissioner of Wealth-tax is entitled to receive from the assessee a sum of Rs. 400 by way of costs of these proceedings. We, therefore, direct that the assessee shall pay that amount as costs of the reference ..... X X X X Extracts X X X X X X X X Extracts X X X X
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