2002 (6) TMI 600

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..... ect of the assessment year 1982-83 : Whether, the Tribunal is right in law and on facts in directing the GTO to apply the yield method as against applying rule 1D of Wealth-tax Rules, 1957 by the GTO for valuing the unquoted equity shares gifted by the assessee ? 2. Mr. Tanvish Bhatt the learned counsel appears for the revenue. Though served, none appears for the respondent ass .....

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..... Having perused rule 1D, which was applicable at the relevant period and the aforesaid decision, we are of the view that since rule 1D providing for valuation of unquoted equity shares by the break-up method is mandatory in nature, the Tribunal was not justified in directing the GTO to value the shares according to the yield method. 6. In view of the above discussion, our answer to questio .....

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