1998 (11) TMI 24

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....At the instance of the Revenue, the following question of law has been referred to us : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that the sum of Rs. 22,83,000 being the sales tax penalty should be allowed as a liability while valuing the unquoted equity shares under rule ID of the Wealth-tax Rules, 1957 ?" The assessee claimed....

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....der of the Tribunal cannot be ignored in determining the quantum of liability of the company that it would be a relevant piece of evidence to determine the value of liabilities as provided in rule 1D and that, therefore, the Tribunal should go into the question again and determine what was the exact quantum of sales tax liability towards penalty on the valuation date and, on that basis, direct the....