1991 (3) TMI 91

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.... the Tribunal has referred to this court only one question of law under section 64(1) of the Estate Duty Act, 1953. The question is : "Whether, on the facts and in the circumstances of the case, the value of the shares of Daruwala Brothers Pvt. Ltd. held by the deceased at the time of his death should be valued in accordance with rule 1 D of the Wealth-tax Rules, 1957, on the basis only of its ....

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....hings had happened during the course of those three months which ought to be taken into account. In our judgment, this question is only of academic interest in view of our conclusion that the valuation of unquoted shares for the purpose of estate duty also can be and should be made in accordance with rule 1 D of the Wealth- tax Rules, 1957. We say so as Explanation 1 to rule 1D itself makes it cle....