1996 (6) TMI 58

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....ions of section 27(1) of the Wealth-tax 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 ? ....

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.... at a higher figure. On appeal filed by the 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 fail....

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....hink that Mr. Vidyarthi is quite right in his submission. 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 : " ....