1988 (12) TMI 93 - HC - Income Tax

Summary

The Bombay High Court ruled in favor of the assessee regarding the valuation of unquoted equity shares of Surat Cotton Spinning and Weaving Mills Pvt. Ltd. The court held that the shares should be valued using the profit-earning method instead of the break-up method specified in rule 1D of the Wealth-tax Rules. This decision was based on previous Supreme Court rulings and the fact that the company was a going concern.