1994 (9) TMI 19

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... for our opinion: " Whether, on the facts and in the circumstances of the case, the method adopted by the Tribunal for valuing the cost of shares in the hands of the respective assessee for the purpose of arriving at the taxable capital gains is correct in law ?" The assessee has admittedly held 1,031 shares in Madras Motors and General Insurance Co. Ltd. which was acquired by the Government. T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 644 (Mad) dealt with this controversy in this question. This court, on a detailed consideration of the facts and the circumstances, in the context of the law on the subject, has held that the method adopted by the Tribunal for valuing the cost of the shares in the hands of the respective assessees for the purpose of arriving at the taxable capital gains, is correct in law. This court in the said c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ourt in the aforesaid judgment. In this view of the matter, it is the considered view of this court that the answer in the aforesaid case would govern the answer in the instant case. In view of the discussion aforesaid, the question referred to this court is answered against the assessee and in the affirmative. There will be no order as to costs. Counsel's fee Rs. 1,000. - - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X