1991 (3) TMI 40

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..... the facts and in the circumstances of the case, the Tribunal was justified in accepting the valuation of shares of Messrs. J. K. Commercial Corporation and Messrs. J. K. Udyog Ltd., at Rs. 6917 and Rs. 14. 74 per share, respectively, as shown by the assessee ?" The assessment year concerned herein is 1969-70. In the return regarding this assessment year, the assessee declared capital gains of Rs .....

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..... connected assessee, Shri Gaur Hari Singhania, in wealth-tax proceedings for the assessment years 1968-69 and 1969-70, the Allahabad Bench of the Appellate Tribunal had held that the correct value of shares of Messrs. J. K. Udyog Ltd. was Rs. 17.69 per share. It also observed that another Bench of the Appellate Tribunal of Allahabad has valued the share of Messrs. J. K. Commercial Corporation at Rs .....

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..... that they should be valued at Rs. 63.17 and Rs. 17.69, respectively, in accordance with the orders of the two Appellate Tribunals in wealth-tax appeals filed by a connected assessee. Thus, so far as the shares of J. K. Commercial Corporation are concerned, the assessee's valuation is higher than the valuation determined in the wealth-tax appeals aforesaid. In such a situation, the proper course is .....

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