1996 (9) TMI 29

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....ion of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the valuation of the shares of Modipon Ltd. held by the assessee was to be done in accordance with rule 1D of the Wealth-tax Rules, 1957 ? 2. Whether the Income-tax Appellate Tribunal was correct in law in holding that the amounts deposited by the assessee under the Comp....

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....hares as it was mandatory in character. Rule 1D deals with market value of unquoted equity shares of companies other than an investment company and managing agency company. In view of this legal position, question No. 1 has to be answered in favour of the assessee. We may, however, notice the contention urged on behalf of the Revenue. It is pointed out that in the application filed under section 2....

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.... the Revenue, the question deserves to be answered in terms of the decision of this court in Mrs. Prem Shamsher Singh's case [1994] 210 ITR 233. Accordingly, the question is answered in the affirmative, in favour of the assessee and against the Revenue. As regards question No. 2, we may refer to the decision of the Calcutta High Court in Smt. Sunanda Devi Singhania v. CWT [1993] 204 ITR 842, ho....