TaxTMI 
TaxTMI 
1990 (10) TMI 56
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....Wealth-tax Act, 1957, made by the assessee, Mrs. Heera D. Vatcha asking this court to call for a reference from the Income-tax Appellate Tribunal, Bangalore Bench, to answer the following question "Whether it is mandatory for the Wealth-tax Officer to adopt the procedure prescribed under rule ID of the Wealth-tax Rules framed in exercise of the powers conferred on the Central Government by sectio....
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....f certain shares held by her in Hutti Gold Mines for the assessment years 1981-82 and 1982-83 in the sum of Rs. 1,08,1951. But subsequently, in the year 1985, she had sold the shares for Rs. 21,428. In that context, she wanted the value of the shares in Hutti Gold Mines changed to the value realised in the year 1985 as the market value of those shares. The assessing authority declined solely on th....
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....to go by the rate prevalent on the average of the relevant assessment year having regard to the prices quoted in the stock exchange. In regard to the other shares, i.e., unquoted shares, a particular method is evolved under rule 1 D extracted as above in the course of this order. In the absence of any material produced before the assessing authority, the assessee authority had no choice but to fol....