2000 (9) TMI 4 - SCH - Wealth-tax

Whether the Tribunal in directing that the value of unquoted shares of Cadila Laboratories Pvt. Ltd. be worked out as per rule 1D of the Wealth-tax Rules, 1957, as interpreted by the Gujarat High Court in the case of CWT v. Ashok K. Parikh - issue raised by the question was considered by this court in the case of Bharat Hari Singhania v. CWT and a contrary view was taken - Accordingly, following the said judgment of the court, these civil appeals are allowed and impugned order is set aside.

Summary

The Supreme Court answered a question in favor of the assessee regarding the valuation of unquoted shares of Cadila Laboratories Pvt. Ltd. The decision was based on a previous judgment and the civil appeals were allowed, setting aside the order under appeal. No costs were awarded.