TaxTMI 
TaxTMI 
1992 (5) TMI 5
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....ion. Therefore, they are decided by a common order. In Reference Application No. 108 of 1988, the following questions have been referred : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified : (i) in holding that in order to ascertain the actual market value of the closing stock of the firm for the purposes of rule 2B(2) of the Wealth-tax Rules, 1957, the export invoice value has to be reduced by 35 per cent. ? (ii) in holding that the export invoice value is not the market price but merely a quotation notwithstanding the provisions of section 18 of the Foreign Exchange Regulation Act ? (iii) in holding that the difference between the market value and the cost price of the closing ....
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....e Wealth-tax Rules, 1957, could be invoked ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of rule 2B(2) were not applicable to the assessee case and consequently in deleting the addition made by the Wealth-tax Officer ? " In Reference Application No. 17 of 1989, the following questions have been referred : " (1) Whether, on the facts and in the circumstances of the case, the assessee could be treated to have discharged the onus to prove that rule 2B(2) of the Wealth-tax Rules was not applicable in his case ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of rule 2B(2) of the Wealth-tax ....
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....he order of the Appellate Assistant Commissioner deleting the additions ?" In Reference Application No. 14 of 1991, the following question has been referred : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that rule 2B(2) of the Wealth tax Rules, 1957, is not applicable in this case while determining the interest of the assessee in the firm ?" In Reference Application No. 29 of 1991, the following question has been referred: "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that rule 2B(2) of the Wealth-tax Rules, 1957, is not applicable in this case while determining the interest of the assessee in the firm....
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....unsel for the parties and gone through the relevant orders. This matter is squarely covered by CIT v. Smt. S. K. Bader [1987] 167 ITR 890 (Raj), in which it was held by a Division Bench of this court that the Tribunal rightly held that the export invoice value could not be the basis for determining the market value of the closing stock, because the goods did not fetch the export invoice value in the foreign markets. The Tribunal, therefore, rightly held that it would be reasonable if the fair market value of the closing stock was arrived at by making a deduction of 35 per cent. from the export invoice value. It further found that, if the deduction of 35 per cent. was made from the export invoice value and the fair market value is determined....