2004 (11) TMI 89

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....Act, 1957, hereinafter referred to as "the Act", for opinion to this court: "Whether, in law and on facts of the case the Tribunal was justified in dismissing the Department's appeals and in holding that while determining the value of unquoted shares of M.P. Sugar Mills Co. Ltd., deduction on account of addition/deferred cane price liability had to be deducted even, if the provision to this effec....

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.... Under rule 1D of the Wealth-tax Rules, which relates to the determination of value of unquoted equity shares, only such liabilities as are specifically mentioned in the rule have to be deducted. Rule 1D provides that the value of all the liabilities as shown in the balance-sheet of such company shall be deducted from the value of all its assets shown in that balance-sheet. Even the liabilities sh....