1991 (3) TMI 92 - HC - Wealth-tax

Summary

The High Court of Bombay delivered a judgment on a wealth-tax assessment case for the years 1971-72 and 1972-73. Two questions were raised regarding the valuation of unquoted shares and provision for tax liabilities. The court ruled in favor of the assessee for the first question but in favor of the Revenue for the second question. The liabilities were not to be considered for valuation as they had been cancelled by the Tribunal.