1979 (11) TMI 174

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....ting to the WT assessment for the asst. yr. 1975-76. 2. The only ground of the Department relates to the valuation of colliery share. The WTO has pointed out that the assessee had not shown the value of 1600 shares of Kuardi Coal, Company on the ground that it had been nationalised. The assessee was asked to state the books value of these shares by 7th Jan., 1976 but there was no compliance. In....

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..... 1974-75 was filed where the valuation of 400 shares of Kuardi Coal Company Ltd. of the book value of Rs. 60 each was taken at 'nil' figure and so it was contended before the AAC that the estimate of valuation of shares at Rs. 39,924 ought to be deleted. 4. The AAC accepted the contention of the assessee because the compensation awarded to the colliery companies, if at all there is any compens....

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....see has filed a copy of the assessment Order of the WTO in the case of Smt. Rita Devi Jalan for the asst. yr. 1974-75 which shows that the WTO accepted the valuation of share holdings at Rs. 30,900 as shown by the assessee. Details filed before the WTO show that for the 400 shares of Kuardi Coal Co. Ltd. of Rs. 60 each since nationalised the value was shown as nil. Thus in this case it was accepte....

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....es (Nationalisation) Act, 1972. The ld. counsel for the assessee has submitted that the compensation has not yet been paid to Kuardi Coal Co. Ltd. and it is not known when the compensation will be paid and the compensation paid will not be sufficient to meet the liabilities of the company. Under such circumstances the AAC has taken a reasonable view in the matter. Moreover the WTO has himself acce....