9911796707
TMI Blog1967 (7) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 wealth-tax on the assessee Hindu undivided family for the assessment years 1957-58 to 1961-62 both inclusive is intra vires the Constitution ? 2. Whether, for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led 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 practice. The Wealth-tax Officer, however, valued the same at market value. The assessee objected on the plea that the Wealth-tax Officer could not have ignored the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 price which in the opinion of the Wealth-tax Officer it would fetch if sold in the open market on the valuation date. (2) Notwithstanding anything contained in sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 that the procedure provided by section 7(2)(a) of the Act and not that provided by section 7(1) of the Act should be followed. But it has not been shown to us that the Wealth- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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