1986 (5) TMI 47

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....80-81. On the relevant valuation dates, the assessee held 160 equity shares of Skefe-Co. India Bearing Co. Ltd. The shares of the said company were not quoted at the stock exchange. Consequently, the valuation had to be done in accordance with the provisions of rule 1D of the Wealth-tax Rules, 1957 ('the Rules'). The assessee in his computation under the said rule did not treat the amount of advan....

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....led by the assessee, the AAC relying on the decision of his predecessor for the earlier assessment year accepted the computation made by the assessee. The department has now come in appeals before us. 2. The assessee did not appear before us. We have heard the learned departmental representative. We find that the computation made by the assessee is in accordance with the principle laid down by ....

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....Madras High Court while considering a slightly different question has disapproved the view of the Gujarat High Court in Arvind Chinubhai's case. In CIT v. Hoechst Pharmaceutical Ltd. [1984] 149 ITR 94, the Bombay High Court while dealing with the balance sheet in connection with the computation of relief under section 80J of the Income-tax Act, 1961 held that it is only the net liability regarding....