1987 (6) TMI 115 - AT - Wealth-tax

Summary

The appeals by the Revenue were dismissed by the ITAT MADRAS-A for the assessment years 1982-83 and 1983-84. The Tribunal upheld the AAC's decision regarding the computation of value of unquoted equity shares in M/s. T.V. Sundram Iyengar & Sons Ltd., excluding advance tax paid and provision for tax. The Tribunal's decision was in line with the view of the Bombay High Court and previous decisions of Madras Benches.