TaxTMI 
TaxTMI 
1996 (6) TMI 58
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....ax Act, 1957, referred to this court the following two questions for its opinion (assessment years 1981-82 and 1982-83) : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the provision for tax liability was deductible for arriving at the break-up value of unquoted shares held by the assessee ? 2. Whether, on the facts and in the cir....
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.... assessee, the Appellate Assistant Commissioner agreed with his contention holding that the valuation of the shares at higher value was not justified and directed the Wealth-tax Officer to recompute the value of the shares after giving the entire amount of provision for tax as a deduction from the net assets. The appeal of the Revenue to the Tribunal failed. This led to the first question aforesai....
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....mission. In view of the fact that the facts of that case were different and in view of the specific provisions as contained in section 7A of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, as introduced by the Finance (No. 2) Act, 1980, C.D.S. would be exempt from being included in the assessee's wealth Section 7A reads as under : " 7A Compulsory deposit to be exempt for purposes of ....