1984 (7) TMI 30

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....y TEWATIA J.-The assessee transferred some of his shares of M/s Amritsar Rayon and Silk Mills Pvt. Ltd. on July 9, 1970, to four of his relations. He fixed the value of such shares at Rs. 1,19,500 at the rate of Rs. 500 per share. The ITO did not accept the assessee's valuation of the share and came to the conclusion that each share was worth Rs. 1,045 and computed capital gains at Rs. 1,56,255....

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....ee and question No. (iv) at the instance of the Revenue: " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the fair market value of the shares as on the date of the transfer could be determined only on the basis of rule ID of the Wealth-tax Rules, 1957 ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal ha....

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....see states that in the event of the question referred at the instance of the Revenue being answered against the Revenue, the other three questions would not arise for consideration. It is, therefore, necessary to deal in the first instance with the question got referred at the instance of the Revenue. The AAC of Income-tax as also the Tribunal based its decision in regard to the exigibility of ....