1992 (4) TMI 21

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..... f the Commissioner of Wealth-tax, Rajasthan, Jaipur. The controversy involved in the present case is a very short one and that is about the method of valuation to be applied to the shares which the respondent-assessee had in Krishna Mills Ltd., Beawar. Krishna Mills Ltd. is a private company and is a going concern. In the return submitted for the assessment year 1977-78, before the Wealth-tax Off .....

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..... the Tribunal, the Department preferred an application for reference under section 27(1) of the Act, but, on being rejected, it came to this court under sub-section (3) of section 27 of the Act. According to the argument of learned counsel for the Revenue advanced before us, the method for determination of the value of the shares should have been the break-up method and that the shares have been wr .....

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..... In a going concern, as it was in the present case, the consistent view of the Supreme Court is that it should be on the basis of dividends received. Consequently, we answer the question-against the Revenue and in favour of the assessee and the Registry is directed to send the record to the Tribunal with the aforesaid answer. The assessee would be entitled to get Rs. 600 as costs.
Case laws, D .....

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