TaxTMI 
TaxTMI 
2019 (4) TMI 2126
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....ani For the Respondent : Mr. R. Sivaraman JUDGMENT (DR. VINEET KOTHARI, J) The Revenue has filed this Tax Case under Section 27A of the Wealth Tax Act, 1957 which is akin to Section 260A of the Income Tax Act raising the following purported substantial questions of law arising out of the order passed by the Income Tax Appellate Tribunal, 'B' Bench, Chennai, dated 30.5.2005 in W.T.A. No....
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.... to be made as per Rule 11 in Part C of Schedule III, which stood omitted by Finance Act, 1992, with effect from 1.4.1993, but, since the Assessment Year in the present case is 1992-93, Rule 11 in part C of Schedule III will be applicable, which provides for ,valuation to be made for Unquoted Equity Shares in Companies other than Investment Companies. 3. On this issue, a co-ordinate Bench of this....
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.... the preceding paragraphs, the decision in Addl. CIT v. Seth Devi Chand & Sons [1978J 111 ITR 724 (All.) clearly pointed out that the mere fact that the restrictions on the transferability of the shares would not affect the question as to the possible value that the shares would fetch, had they been sold in the open market. While holding that even though market value as a concept would hold good e....
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....y guidelines provided for in Part C of the III Schedule. It is an open secret that in the absence of any such guideline, the depreciation may range from 0 to 100 and it is always a question of debate. Apparently, on account of all these, we feel that the Commissioner of Wealth Tax justifiably adopted Rule 11 of Part C of the III Schedule, which is with reference to unquoted equity shares. By adopt....