1996 (1) TMI 112

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....t, 1957, raise the following question : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in directing the Wealth-tax Officer to value the shares held by the assessee by allowing the provision for taxation as a liability without deducting the advance tax payment ? " The assessee, a shareholder in a private limited company, claimed that in comp....

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.... 1 and the Supreme Court observed that (headnote) : " If in the case of the balance-sheet of the company the amount of tax paid, which is shown as an asset and has to be deducted from the value of the assets as required by clause (1)(a) of Explanation II to rule 1D, is also shown as a liability, i.e., if that amount is included in the amount set apart as provision towards taxation, it would obvi....