1987 (6) TMI 115

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..... owing the decision of the Gujarat High Court in the case of CWT vs. Ashok K. Parikh (1981) 129 ITR 46 (Guj) and directing the WTO to recompute the value of unquoted equity shares in M/s. T.V. Sundram Iyengar Sons Ltd. held by the assessee under r. 1D of the WT Rules, 1957 by excluding both the advance-tax paid by the companies appearing on the asset side of the balance sheet on the ground that s .....

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..... onsidered to be an asset. The Revenue, therefore, sought for the computation being made according to the ratio of these decisions. We find that in a recent decision the Bombay High Court in CWT vs. Pratap Bhogilal 63 CTR (Bom) 51, after considering the two decision relied on by the Revenue as well as the decision of the Gujarat High Court held that the tax payable with reference to book profits ca .....

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