TMI Blog1967 (7) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... , R. S. PATHAK. JUDGMENT The judgment of the court was delivered by JAGDISH SAHAI J.-By this reference under section 27 of the Wealth-tax Act (hereinafter referred to as the Act), the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad (hereinafter referred to as the Tribunal), has referred the following questions of law for the opinion of this court : " 1. Whether the assessment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Officer overruled the plea of the assessee and assessed it. The assessee filed an appeal before the Assistant Commissioner (Judicial) who dismissed it. It then filed a second appeal before the Tribunal. That appeal was also dismissed. For the assessment year 1961-62, the assessee had valued the closing stock of its shares in its share dealing transactions at cost in accordance with the usual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, Special Circle, Meerut. Coming to the second question we would like to point out that the Wealth-tax Officer had a discretion either to proceed under section 7(1) of the Act or to have recourse to section 7(2)(a) of the Act. Section 7 as it is relevant for our purposes reads : " 7. (1) The value of any asset, other than cash, for the purposes of this Act, shall be estimated to be the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds " may, instead of determining separately the value of each asset held by the assessee in such business, determine the net value of the assets of the business as a whole having regard to the balance-sheet of such business " clearly show that section 7(2)(a) of the Act provides for an alternative manner for valuing the assets and not the sole method. In the present case the assessee insisted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax v. Mysore Commercial Union Ltd. In view of the circumstance that the reference was in respect of several years we are of the opinion that the Commissioner of Wealth-tax is entitled to receive from the assessee a sum of Rs. 400 by way of costs of these proceedings. We, therefore, direct that the assessee shall pay that amount as costs of the reference to the Commissioner of Income-tax, Uttar P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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