1982 (5) TMI 83

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....ld by the assessee in M/s Associated Trade and Engineers Ltd. at Rs. 400 per share. 2. The ld. counsel for the assessee Mr. D.K. Gupta in respect of his contention regarding valuation of shares held by the assessee in M/s. Associated Traders and Engineers Ltd. submitted that there is no controversy about the fact that the said shares are unquoted. But he submitted that in respect of shares in t....

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....ken into consideration and, if that is taken into consideration the value of share would not be Rs. 110 per share. In any case he relied on the order of the father of the assessee Shri H.K. Dass's case in whose case the said shares were valued at Rs. 169.70 per share. 3. After taking into consideration the rival submissions we find regarding computation of break-up value of shares in M/s. Assoc....

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....aff is a part of the current liability of the company and as such deductible from the total value of asset. If we deduct the above two items from the value of total asset as determined by the ld. WTO, the break up value shall be as follows: Balance of assets (as determined by WTO in his order) .   23,75,443 Further deduct (as discussed above) .   . 1. Provision....

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....Shri H. K. Dass break-up value of shares in M/s Associated Traders and Enggs Ltd. has been taken @ Rs. 169.70 per share. Before us as well, he has filed copy of assessment order in the case of Shri H. K. Dass and copies of the assessee's said letter and explanation. After careful perusal of facts on record, we are of the view that the revenue should not have had inconsistent view regarding valuati....