KIKABHAI BHAGUBHAI AND ANOTHER vs COMMISSIONER OF WEALTH TAX, — 1972 PTD 602

Citation: 1972 PTD 602

Court: Gujarat High Court

Year: 1971

Decision Date: 1971-12-31

Parties: KIKABHAI BHAGUBHAI AND ANOTHER vs COMMISSIONER OF WEALTH TAX, JUDGMENT

Headnotes

Case cited as 1972 PTD 602

Judgment Text

Court Name: Gujarat High Court Judge(s): P. N. Bhagabati, Divan Title:KIKABHAI BHAGUBHAI AND ANOTHER vs COMMISSIONER OF WEALTH TAX, JUDGMENT Reported As: 1972 PTD 602 Result: answered in the negative Judgment JUDGMENT DIVAN, J.-In this reference under section 27(1) of the Weal; Tax Act, 1957 (hereinafter referred to as the Act), the following question hasp been referred to us by the Tribunal: "Whether, on the facts and in the circumstances of the cases and on a true interpretation of the relevant provisions of section 7 of the Wealth Tax Act, it was obligatory for the Wealth Tax Officer to determine the net value of the appellant's businesses as a whole in shares as provided by section 7(2)(a) of the Wealth Tax Act, 1957, having regard to the balance-- sheets of such businesses as on the valuation date?" In this reference, cases of two different assessee have been consolidated and referred to the High Court because there is a common question between the cases of the two assessee. The assessee, Kikabhai Bhagubhai, is a dealer in shares and, so far as he is concerned, the assessment year is 1963-64, the relevant valuation date being November 8, 1961. So far as the assessee Ramprasad Manual Bhagat. Is concerned, the assessment yea, are 1961-62 and 1963-64, the relevant valuation dates being. October 20, 1960, and November 8, 1961, respectively. Ramprasad is also a dealer in shares. Each of these two assessee kept regular books of account for his respective share business and…

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