Commissioner of Wealth Tax vs J.R. Chande

K. Shivashankar Bhat, J.—The question referred to us u/s 27 of the Wealth-tax Act, 1957, read thus :

"(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in confirming the orders of the first appellate authority who directed the Wealth-tax Officer to value the unquoted equity shares held by the assessee by adopting only the yield method ?

(2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that rule 1D of the Wealth-tax Rules, 1957, is not mandatory ?"

These questions are to be answered in the affirmative and against the Revenue following the decision of this court rendered in Commissioner of Wealth Tax Vs. S. Jindal,

Mr. Ramabhadran, learned counsel, is permitted to file his vakalath within a month from today.