2004 (8) TMI 89

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..... ares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, 1957, deduction was to be allowed in respect of accumulated dividend on cumulative preference shares? 2. Whether, Tribunal was legally correct in holding that in determining the value of the shares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, deduction should be allowed of depreciation as worked out in the inco .....

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..... facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that in determining the value of the shares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, deduction should be allowed of depreciation as worked out in the income-tax assessment of the company? Briefly stated the facts giving rise to the present reference are as follows: .....

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..... l. We have heard Shri Shambhu Chopra, learned counsel for the Revenue, and Shri Vikram Gulati who has put in appearance on behalf of the assessee. Under rule 1D of the Wealth-tax Rules, Explanation II(ii) as it stood during the relevant period had provided that certain liabilities in the balance-sheet shall not be treated as liabilities among which the amount set apart for payment of dividends .....

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