Judgment

JAGANMOHAN REDDY, J. :- These appeals are by special leave against the judgment of the High Court of Assam and Nagaland. Appeal No. 1136 of 1969 is of Mahadeo Mrigendra Jalan, by Mahadeo Prasad as the karta of Hindu undivided family while appeal No. 1135 of 1969 is by him in his individual capacity. In both these appeals, the Hindu undivided family as well as the individual were holding shares in five companies in respect of which shares, dividend was being declared. The Wealth-tax Officer computed the valuation of those shares on the basis of the break-up value and included them in their total wealth. In Appeals Nos. 1765, 1766 and 1767/1969 the respondents are Mahabir Prasad Jalan, Mahadev Jalan and Madan Mohan Jalan respectively. All these appeals pertain to assessment years 1957-58 and 1958-59. In respect of these years the value of the shares in private limited companies were included in the total wealth of the respective assessees on the basis of their yield though some of the companies were not paying dividends while others were declaring dividends throughout. The first two appeals which related to a later year seem to have been heard by the High Court and disposed o