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2004 (7) TMI 34 - CALCUTTA HIGH COURTRule 1D of the Wealth-tax Rules, 1957 - valuation of unquoted shares - the first question is that rule 1D, does not include investment companies and managing agency companies for the purpose of valuing unquoted equity shares in terms of rule - The second question that has been raised is whether such a mistake could be corrected within the scope and ambit of the jurisdiction exercised by the High Court under section 27(1) of the 1957 Act or, in other words, in the absence of any specific provision conferring power of review or rectification on the High Court, whether the High Court in exercise of its power inherent in it, can rectify such mistake. - we are of the view that the learned Division Bench had omitted to note that the assessee-company is an investment company - it would be open to the Department to contend that the assessee is not an investment company subject to such objection that might be taken by the assessee in establishing its case in order to apply the principle of rule 1D which is otherwise accepted and where the valuation made is different to what is provided in rule 1D.
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