TMI Blog2002 (10) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... of which are also quoted in a recognised stock exchange can be fixed at a rate lower than the rates quoted in the stock exchange ? - The question referred to us is, answered in negative in favour of the Revenue and against the assessee. - - - - - Dated:- 7-10-2002 - Judge(s) : R. JAYASIMHA BABU., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court was delivered by R. JAYASIMHA BABU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the assessee's claim that it should be valued at the book value of Rs. 15.75 per share as by reason of an undertaking given by the assessee to the Industrial Credit and Investment Corporation of India Limited, he was not to dispose of the shares so long as any money remained outstanding to the said Corporation. The assessee's appeal having proved unsuccessful, he carried the matter to the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the ordinary course of business." The Explanation under that definition provides that, "where any question arises whether a share or debenture is a 'quoted share' or a 'quoted debenture' within the meaning of this clause, a certificate to that effect furnished by the concerned stock exchange in the prescribed form shall be accepted as conclusive." Part C of that Schedule III before its omissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge. No deduction therefrom is provided for in the rules and no deduction could have been granted by the Tribunal by taking the average of the book value and the quotation of the stock exchange for these shares. Rule 9 of Schedule III is very clear. It provides that the value of the quoted shares "shall be taken as the value quoted . . ." Moreover, what is taxed under the Wealth-tax Act is the n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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