2007 (3) TMI 217

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...., Delhi Bench "C", in a batch of appeals. We are concerned only with I. T. A. No. 1207/Del/99 relevant for the assessment year 1995-96 decided by the Tribunal. The assessee had purchased some shares of a company by the name of M/s. Metal Rod (Pvt.) Ltd. The shares were not listed in the stock exchange. The face value of the shares was Rs. 10. The Assessing Officer was of the view that on the br....

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....t in Bharat Hari Singhania v. CWT [1994] 207 ITR 1 to the effect that if a share is not listed, then its break up value is to be taken as the fair market value. We may at once notice that the Supreme Court was concerned with the valuation of unquoted shares for the purposes of determining wealth-tax with reference to rule ID of the Wealth-tax Rules, 1957. The assessee preferred an appeal before....

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....annot be considered or termed as the market price of the shares. The Tribunal further concluded that the Commissioner had correctly found the break-up value of the shares by excluding miscellaneous expenditure not written off and on this basis had correctly assessed the value of the shares at Rs. 7.68 per share. We are of the opinion that no fault can be found in the view taken by both the Comm....