1994 (9) TMI 19

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....ssee, referring the following question of law for our opinion: " Whether, on the facts and in the circumstances of the case, the method adopted by the Tribunal for valuing the cost of shares in the hands of the respective assessee for the purpose of arriving at the taxable capital gains is correct in law ?" The assessee has admittedly held 1,031 shares in Madras Motors and General Insurance ....

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....in CIT v. T. V. S. and Sons Ltd. [1983] 143 ITR 644 (Mad) dealt with this controversy in this question. This court, on a detailed consideration of the facts and the circumstances, in the context of the law on the subject, has held that the method adopted by the Tribunal for valuing the cost of the shares in the hands of the respective assessees for the purpose of arriving at the taxable capital ga....