1996 (4) TMI 19 - HC - Income Tax

Summary

The High Court of Madras ruled that provision for taxation should not be reduced by the advance tax paid when valuing unquoted equity shares for determining break-up value. This decision was based on a similar Supreme Court case where it was held that no deductions for taxes or other amounts should be made in such valuations. The Court answered the referred question in the negative, favoring the Department.