1975 (1) TMI 1

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..... the Constitution is brought up on the ground that r. 1D of the Rules framed under the W.T. Act is not valid, because it is unreasonable or arbitrary. Section 7 of the W.T. Act provides for the procedure for assessing the value of the assets to be charged to wealth-tax. By an amendment of the section, the market value should be estimated to be the price which, in the opinion of the WTO, would fetch .....

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..... of " may ". Where there is no guideline for determining the market value apart from what is indicated in s. 7(1), the wealth basis may well be taken as the criterion for determining the value of unquoted equity shares of the company. That will depend upon the circumstances of each case. We are, in any case, unable to see any vires of the rule being involved. On that view, the writ is dismissed.< .....

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