9911796707
TMI Blog2002 (10) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of the Revenue is, "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law and had valid materials in holding, that the market value of the shares held by the assessee in a company in which the public are substantially interested and the shares of which are also quoted in a recognised stock exchange can be fixed at a rate lower than the rates quoted in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok value and the value as per the quotation on the stock market and directed the valuation of the assessee's shares at Rs. 45 per share. For doing so, the Tribunal has not referred to any provision of the Wealth-tax Act enabling them to fix the value in that manner. "Quoted share" is defined in rule 2(9) of Schedule III to the Wealth-tax Act, which Schedule sets out the rules for determining the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il 1, 1993, in rule 9 provided that "the value of an equity share or a preference share in any company or a debenture of any company which is a quoted share or a quoted debenture shall be taken as the value quoted in respect of such share or debenture on the valuation date or where there is no such quotation on the valuation date, the quotation on the date closest to the valuation date immediately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity or otherwise of that wealth during that year is not of material significance. If an asset is required to be valued in the manner provided in the statute, it has necessarily to be valued by adopting that mode and no other. If the statute does not provide for any deduction therefrom, no such deduction can be allowed by the Tribunal. The question referred to us is, therefore, answered in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
