2004 (8) TMI 89

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....g questions of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), for the opinion of this court: 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that in determining the value of the shares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, 1957, deduction was to ....

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.... Wealth-tax Rules, 1957. The respondent-assessee preferred an appeal before the Commissioner of Wealth-tax (Appeals) who while allowing the appeal directed the Wealth-tax Officer to rework out the value of shares of J.K. Jute Mills Ltd., under rule 1D after deducting the accumulated outstanding dividend as per income-tax assessments in the case of the above company and accordingly modified the ....

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....ation has not been provided for in the income-tax proceedings. So far as cumulative outstanding dividend on preference shares are concerned there is nothing on record to show that there had been any declaration at a general body meeting of the company before the valuation date. This court in the case of CWT v. Dr. Gaur Hari Singhania [2004] 271 ITR 363-W.T. Reference No. 343 of 1983 decided on Jul....