Law:

Section:

Section 27 of the Wealth-tax Act, 1957, read with section 151 of the Code of Civil Procedure, 1908 - High Court, reference to - Whether though High Court cannot have jurisdiction to review, yet in order to rectify injury caused on account of mistake on part of High Court, High Court has inherent power to rectify such mistake and to do justice when such mistake does not require long drawn arguments to establish and where there are no two opinions - Held, yes - High Court passed an order, operative part of which did not mention exception phrase of rule 1D of Wealth-tax Rules, 1957, which excludes investment company or managing agency company from applicability of rule - Whether since in orders passed by Tribunal and appellate authority, assessee had been described as an investment company, omission to note same by High Court was an error or mistake apparent on face of record - Held, yes - Whether order was to be rectified by incorporating exception 'other than an investment company and managing agency company' which had to be read in such operative part according to context and spirit of said - Held, yes FACTS The assessee was an investment company. The High Court passed an order, the operative part of which did not mention the exception phrase of rule 1D which excludes investment company and managing agency from the applicability of the rule. Therefore, the assessee filed the instant application praying for the rectification of the mistake. HELD The expression used in rule 1D is clear and unambiguous. The principle has enunciated that unquoted equity shares of companies other than investment company and managing agency company shall be valued in the manner provided in rule 1D. Therefore, rule 1D has excluded its application in respect of the valuation of unquoted equity shares of an investment or managing agency company. This does not require any amount of interpretation since the expression is clear and unequivocal, in respect of which there does not appear to be anything which may cast any doubt upon the mind of anyone who reads it, nor even on the mind of a simple man without any legal background or training. It does not conceive of forming any two opinions…

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