1998 (11) TMI 19

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..... n referred to us in this reference is as to whether rule 1D of the Wealth-tax Rules, 1957, is mandatory or directory. The Supreme Court in the case of Bharat Hari Singhania v. CWT [1994] 207 ITR 1 while upholding the validity of rule 1D of the wealth-tax Rules has held that : "Rule 1D has to be followed in valuing each and every case of unquoted equity shares of a company (other than an investme .....

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..... n now declared authoritatively by the Supreme Court and the law so declared is binding on all persons and authorities in India including the assessee. However, we reserve liberty to the respondent in this reference to apply to us for the purpose of making any submission which though material for the purpose of disposing of this reference had not been brought to our notice by the Revenue. The m .....

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