COMMISSIONER OF WEALTH TAX, WEST BENGAL-I vs RAJENDRA SINGH SINGHI — 1971 PTD 885

Citation: 1971 PTD 885

Court: Calcutta High Court

Year: 1968

Decision Date: 1968-06-17

Parties: COMMISSIONER OF WEALTH TAX, WEST BENGAL-I vs RAJENDRA SINGH SINGHI

Headnotes

Case cited as 1971 PTD 885

Judgment Text

Court Name: Calcutta High Court Judge(s): Sankar Prasad Mitra, K. L. Chatterjee Title: COMMISSIONER OF WEALTH TAX, WEST BENGAL-I vs RAJENDRA SINGH SINGHI Case No.: Matter No. 9 of 1965, Date of Judgment:1968-06-17 Reported As: 1971 PTD 885 Result: question in the negative JUDGMENT JUDGMENT SANKAR PRASAD MITRA, J.---This is a reference under section 27(1) of the Wealth Tax Act, 1957. The assessee is an individual. The wealth tax assessment years are 1957-58, 1958-59 and 1959-60, for which the relevant valuation dates are the 31st March 1957, the 31st March 1958, and the 31st March 1959, respectively. The assessee held 114 shares of Jhagrakhand Colliery (Private) Ltd. The valuation of these shares according to the assessee, the Wealth Tax Officer and the Appellate Assistant Commissioner was as follows: Assess-Valuation per shareValuation per shareValuation mentaccording to theaccording to theper share yearassessee.Wealth Tax Officer. According to the Appellate Assistant Commis-- sioner. Rs.Rs. 1957-58Face value of Rs. 1,0002,3301,660 reduced on the basis of assets to Rs. 342 and on the basis of yield Rs. 537 per share. 1958-59Face value of Rs. 1,0002,5061,503 --- ## Page 2 reduced on the basis of assets to Rs. 342 and on the basis of yield Rs. 537 per share. 1959-60ditto2,2461,658 The Wealth Tax Officer, in determining the value of these shares, tried to find the break-up value on the basis of the assets and liabilities of the company as per balance-sheets on or near…

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