TMI Blog1983 (12) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... mi Card Clothing Manufacturing Co. (Pvt.) Ltd. In the wealth-tax assessment years 1975-76 and 1976-77, for the purpose of wealth-tax assessment, the assessee had valued the shares of Premier Cotton Spinning Mills Ltd. at Rs. 150 and the shares of Lakshmi Card Clothing Manufacturing Co. at Rs. 180.54. The WTO, however, did not accept the value of the shares as furnished by the assessee. He proceede ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se the difference between the value as given by the assessee and the value estimated by the WTO was negligible. Therefore, the controversy before the Tribunal was only with regard to the valuation of the other shares as made by the WTO applying r. ID of the W.T. Rules. The Tribunal found that though the shares were unquoted on the relevant valuation dates in both the years, the shares came to be q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shares as determined by the WTO by applying r. ID of the Rules, found that there is a variation in the value as quoted on the stock exchange. The Tribunal also took note of the fact that even though the shares were not quoted on the stock exchange prior to March, 1977, there have been transactions in shares as registered in the books of the company and the value indicated in these transfers i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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