Smt. Shardaben Bhagubhai Mafatlal Vs Commissioner of Wealth Tax

T.D. Sugla, J.@mdashThe Tribunal has referred to this Court two questions of law. The questions read thus :

"(i) Whether the Tribunal was justified in holding that r. 1D of the WT Rules of 1957 was mandatory ?

(ii) Whether, on the facts and circumstances of the case, each share of Surat Cotton Spinning & Weaving Mills Pvt. Ltd. should be valued at Rs. 175 as decided by the valuer, or at Rs. 254 based on r. 1D of the WT Rules, 1957 ?"

2. The counsel are ageed that in view of this Court''s judgment in the case of Smt. Kusumben D. Mahadevia V. N. C. Upadhya and Others Kusumben D. Mahadevia Vs. Commissioner of Wealth-tax, Bombay City-I, , the first question must be answered in the negative and in favour of the assessee and as regards second question it must be held that the share of Surat Cotton Spinning & Weaving Mills Pvt. Ltd. should be valued at Rs. 175 per share as valued by the valuer. Accordingly the questions are so answered.

3. No order as to costs.