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TMI Blog1983 (7) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... quoted at different stock exchanges and were showing different rates. In many cases, the assessee valued them at the lowest quotation. The ITO, however, held that they required to be valued at the highest quotation at any stock exchange in the country. 2. The assessee appealed to the AAC. The latter, following a circular of the Board, directed the WTO to adopt the rate as shown at the nearest st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k exchange may be valued on the basis of the closing price noted on the stock exchange, on the valuation date. For this purpose, if an assessee is assessed within a State in which there is a recognised stock exchange, the price quoted on that exchange may be taken into account. However, if there is no recognised stock exchange in the State in which the assessee is assessed, the price quoted on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case, the highest rates in any stock exchange of the country were rightly taken by the WTO for valuing the shares held by the assessee. 4. We have carefully considered the submissions placed before us. Under section 7(1) of the Wealth tax Act, 1957, the value of any asset is to be estimated to be the price which, in the opinion of the WTO, it would fetch if sold in the open market o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st market which in the case of the shares is a recognised stock exchange. We are, therefore, in agreement with the finding of the AAC that the rates quoted at Delhi stock exchange should be adopted for valuing the assessee's holdings or in the absence thereof the rates quoted at Calcutta stock exchange may be taken into consideration. 5. In the result, the appeal is dismissed. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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