1983 (12) TMI 48

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....wned certain shares in the, Premier Cotton Spinning Mills Ltd. and M/s. Lakshmi Card Clothing Manufacturing Co. (Pvt.) Ltd. In the wealth-tax assessment years 1975-76 and 1976-77, for the purpose of wealth-tax assessment, the assessee had valued the shares of Premier Cotton Spinning Mills Ltd. at Rs. 150 and the shares of Lakshmi Card Clothing Manufacturing Co. at Rs. 180.54. The WTO, however, did....

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....he WTO as regards the shares in Lakshmi Card Clothing Manufacturing Co., because the difference between the value as given by the assessee and the value estimated by the WTO was negligible. Therefore, the controversy before the Tribunal was only with regard to the valuation of the other shares as made by the WTO applying r. ID of the W.T. Rules. The Tribunal found that though the shares were unquo....

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....ribunal. In these cases, the Tribunal after taking into account the value of the shares as determined by the WTO by applying r. ID of the Rules, found that there is a variation in the value as quoted on the stock exchange. The Tribunal also took note of the fact that even though the shares were not quoted on the stock exchange prior to March, 1977, there have been transactions in shares as regi....