1998 (2) TMI 11

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....instance of the Revenue in respect of the assessee's assessments for the assessment years 1974-75 and 1975-76 is, as to whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the arrears of dividends on cumulative preference shares should be deducted while working out the value of the shares of Thiru Arooran Sugars Ltd.? The assessee held 250 shar....

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....lative preference shares". The Commissioner held that he arrears of dividends on cumulative preference shares were not in the nature of a contingent liability and was not required to be deducted from the total liabilities of the company for the purpose of determining the value of the share under rule ID of the Act. The Tribunal has affirmed the view of the Commissioner. We find no error in the ....