1990 (10) TMI 56

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..... Vatcha asking this court to call for a reference from the Income-tax Appellate Tribunal, Bangalore Bench, to answer the following question "Whether it is mandatory for the Wealth-tax Officer to adopt the procedure prescribed under rule ID of the Wealth-tax Rules framed in exercise of the powers conferred on the Central Government by section 46 of the Wealth -tax Act ? " Rule 1D is as follows .....

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..... the assessment years 1981-82 and 1982-83 in the sum of Rs. 1,08,1951. But subsequently, in the year 1985, she had sold the shares for Rs. 21,428. In that context, she wanted the value of the shares in Hutti Gold Mines changed to the value realised in the year 1985 as the market value of those shares. The assessing authority declined solely on the ground that the sale price in 1985 would not repres .....

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..... levant assessment year having regard to the prices quoted in the stock exchange. In regard to the other shares, i.e., unquoted shares, a particular method is evolved under rule 1 D extracted as above in the course of this order. In the absence of any material produced before the assessing authority, the assessee authority had no choice but to follow the method given as a device of law. In that man .....

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