1990 (10) TMI 56 - HC - Wealth-tax

Summary

The High Court of Karnataka dismissed the application under section 27(3) of the Wealth-tax Act, 1957, made by Mrs. Heera D. Vatcha regarding the valuation of unquoted shares in Hutti Gold Mines. The court held that the assessing authority was bound to follow Rule 1D for valuation of unquoted shares, and the sale price in 1985 did not represent the market value in earlier years. The petition was dismissed.