2000 (9) TMI 3

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..... ct, 1957, at the instance of the Revenue. They read thus: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that, in valuing shares under rule 1D of the Wealth-tax Rules, the entire provision for taxation appearing on the liabilities side of the balance-sheet should be deducted from the value of the assets? (2) Whether, on the facts and in t .....

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..... that the provisions of rule 1D of the Wealth-tax Rules were directory and, therefore, answered the second and third questions against the Revenue. In its view, the fourth question did not call for any specific answer. This court in the case of Bharat Hari Singhania v. CWT [1994] 207 ITR 1 has taken a contrary view of the provisions of rule 1D. Therefore, the second and third questions must be ans .....

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