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TMI Blog1991 (7) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 21-8-1990 of the CWT(A), Coimbatore, relating to the assessment year 1985-86. 2. Issue No. 1---Valuation of shares of Tirupur Textiles (P.) Ltd. and Sovereign Engineers Pvt. Ltd. The assessing officer had valued these unquoted shares by applying the break-up method incorporated in Rule 1-D of the Wealth-tax Rules, 1957. On appeal, the CWT(A) directed valuation of these shares on yiel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g for more than one year, the WTO negatived the assessee's claim. 5. The first appellate authority took the line that under section 74(1) of the Estate Duty Act, the liability to pay Estate Duty arises on the property passing on death and that it is a first charge on the property. It, therefore, followed that the assets that devolved on the assessee on the death of his father were not encumbranc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... soram Industries Cotton Mills Ltd. v. CWT [1966] 59 ITR 767 through H.H. Setu Parvati Bayi v. CWT [1968] 69 ITR 864 to CWT v. Vadilal Lallubhai [1984] 145 ITR 7, we have a long catena of cases decided by the Supreme Court in which it has consistently been held that the liability to pay a statutory impost gets crystallised on the happening of the taxable event and once the taxable event has taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Estate Duty proceedings. 9. The assessing officer was obviously keeping in mind the provisions of section 2(m)(iii) of the Act. He has, however, overlooked the significant fact that section 2(m)(iii) talks of tax, penalty or interest payable in consequence of any order passed by the assessing officer under any of the Acts referred to therein. In the case before us, no order, provisional o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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