1994 (12) TMI 26

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..... ivered by DR. B. P. SARAF J.-By this reference under section 27(1) of the Wealth-tax Act, 1957, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion: " 1. Whether in valuing the shares of Surat Cotton Spg. and Wvg. Co. P. Ltd., the Tribunal was correct in holding that the advance tax paid by the company should be deducted from the assets side as .....

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..... Account of the assessee under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 ("the Compulsory Deposit Act"), is to be discounted for inclusion in the wealth of the assessee for the purpose of levy of wealth-tax under the Wealth-tax Act, 1957 ("the Act"). The answer to this question will depend upon a proper appreciation of the scheme and the relevant provisions of the Compulsory Depo .....

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..... that financial year, together with the interest due on the whole or, as the case may be, part of the amount of the compulsory deposit which has remained unpaid: Provided that nothing in this section shall prevent the earlier repayment of the deposit or any instalment thereof together with the interest due in any case in which the Income-tax Officer is satisfied that extreme hardship will be cause .....

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