R.JAYASIMHA BABU, J. - (1.)THE matter in issue is with regard to valuation of shares in a private company. The Tribunal rendered its decision at a time when it did not have the benefit of the decision of the Supreme Court in the case of Bharat Hari Singhania v. CWT : [1994]207ITR1(SC) , in which it was held that rule 1D of the Wealth Tax Rules, 1957 is the sole basis for determining the value of such shares.
(2.)AS the order of the Tribunal is not consistent with the law laid down by the Supreme Court, the order of the Tribunal cannot be sustained. The valuation made by it is required to be modified to the extent required and to be in conformity with the law laid down by the Apex Court in the case of Bharat Hari Singhania (supra).
We, therefore, remit the matter back to the Tribunal to redo the valuation in accordance with rule 1D.