9911796707
TMI Blog1990 (7) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts and in the circumstances of the case, the Tribunal is right in law in holding that by order dated December 31, 1975, the Appellate Assistant Commissioner had directed the adoption of the purchase price of the assessee as the market value ?" The respondent is the Revenue. The matter arises in connection with wealth-tax proceedings. We are concerned with the assessment years 1957-58, 1958-59 and 1959-60. The respective valuation dates are March 31, 1957, March 31, 1958, and March 31, 1959. The net wealth of the assessee included a block of shares of Peninsular Plantations Ltd. In the wealth-tax returns filed, the assessee had shown the value of the said shares at the stock exchange rates prevailing on the relevant valuation dates. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. The appellate order is dated December 31, 1975. It is common ground that the said order, though related to the assessment year 1957-58, it was adopted as applicable to the assessment years 1958-59 and 1959-60 also, since the appeals for those two later years were disposed of on the same day, relying upon the order passed earlier in the day for the year 1957-58. Though the Revenue filed appeals from the aforesaid appellate orders, they were subsequently withdrawn. The assessee did not file appeals from the appellate orders dated December 31, 1975, passed by the Appellate Assistant Commissioner. As a sequel to the appellate orders dated December 31, 1975, passed by the Appellate Assistant Commissioner, the Wealth-tax Officer passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Assistant Commissioner acted erroneously in deviating from his earlier orders dated December 31, 1975, and in holding that the value of the shares should be computed on the basis of the stock exchange rates. The Appellate Tribunal took the view that the Appellate Assistant Commissioner, in the revised proceedings, really set aside the earlier orders dated December 31, 1975, passed by him, which had become final. In this perspective, holding that it is illegal and not permissible and that, in the implementation proceedings, the only question that arose before the Wealth-tax Officer was the actual purchase price of the shares by the assessee, the Appellate Tribunal set aside the orders passed by the Appellate Assistant Commissioner in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer to adopt the purchase price of the shares as the market value. It was argued that there are only stray observations in the order dated December 31, 1975 of the Appellate Assistant Commissioner which cannot be stated to be findings. We are unable to accept this plea. It is seen from the appellate order dated December 31, 1975, that the assessee himself put forward the plea that he has paid more than the quoted market price for the shares purchased by him. In paragraph 6 of the earlier order dated December 31, 1975, the Appellate Assistant Commissioner categorically stated as follows : ". . . Thus, the value of the shares to be taken should have been the real price which has been paid by the appellant and has been received by the sell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and held that it is only the rates quoted in the stock exchange on the relevant valuation dates that should be adopted. Before the Appellate Tribunal, the assessee had no case that the Tribunal should "independently" evaluate the valuation of the shares and that it is open to the assessee in the appeals filed by the Revenue to sustain the conclusion of the Appellate Assistant Commissioner on other grounds. The assessee himself proceeded on the ground that he is bound by the appellate orders dated December 31, 1975. It is in that light that the assessee filed three appeals with petitions for condonation of the delay caused in filing the appeals. What is more, in the appeals filed by the Revenue, the assessee had no plea that the orders pass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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