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TMI Blog1986 (1) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... vision and, therefore, ld. AAC erred in directing the unquoted shares of M/s Asiatic Wires Ltd. to be valued according to yield method. He in support placed reliance upon Bharat Hari Singhania vs. CWT (1979) 9 CTR (All) 316 : (1979) 119 ITR 258 (All) and CWT vs. Mamman Vargheses (1980) 15 CTR (Ker) 135 : (1983) 139 ITR 351 (Ker). Learned counsel for the assessee, on the other hand, contended that the said r. 1D is directory and not mandatory. In support he placed reliance upon judgment of the Hon'ble Supreme Court in the case of CGT vs. Smt. Kusumben D. Mahadevia, (1980) 14 CTR (SC) 366 : (1980) 122 ITR 38 (SC) and judgment of the Bombay High Court in the case of Smt. Kusumben D. Mahadevia vs. CWT (1980) 14 CTR (Bom) 20 : (1980) 124 ITR 799 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of Pandit Lakshmi Kant Jha vs. CWT 1973 CTR (SC) 260 : (1973) 90 ITR 97 (SC) with these observations: "Bare reading of the section makes is plain that subject to any rules which may be made in this behalf, the value of the assets, other than each, has to be the price which the assets, in the opinion of the WTO, would fetch in the open market on the valuation date. It would, therefore follow that in the absence of any rule prescribing a different criterion, the value of an asset, other than cash, should be taken to be the price which it would fetch if sold i the open market on the valuation date. No rules prescribing a different criterion in respect of the value of quoted stocks and shares have been brought to our notice." I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is general rule that rules made in exercise of the rule making power of the government should be treated as part of the statute. In this connection, reference may be made to the following observations of the Hon'ble Supreme Court in the case of State of Tamil Nadu vs. Hind Store AIR 1981 SC 711: "A statutory rule, while ever subordinate to the parent statute, is, otherwise, to be treated as part of the statute and as effective. "Rules made under the statue must be treated for all purposes of construction or obligation exactly as if they were in the Act and are to be of the same effect as if contained in the Act and are to be judicially noticed for all purposes of construction or obligation" (State of U. P. vs. Babu Ram Upadhyay (1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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