1998 (11) TMI 24

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..... on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that the sum of Rs. 22,83,000 being the sales tax penalty should be allowed as a liability while valuing the unquoted equity shares under rule ID of the Wealth-tax Rules, 1957 ?" The assessee claimed that the sum of Rs. 22,83,000 being the sales tax penalty should be allowed as a liability while val .....

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..... ould be a relevant piece of evidence to determine the value of liabilities as provided in rule 1D and that, therefore, the Tribunal should go into the question again and determine what was the exact quantum of sales tax liability towards penalty on the valuation date and, on that basis, direct the Wealth-tax Officer to determine the value of the shares in terms of rule 1D. Following the above de .....

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