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TMI Blog1991 (3) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... years 1971-72 and 1972-73, the Tribunal has referred to this court two questions of law under section 27(1) of the Wealth-tax Act, 1957. The questions are : "1. Whether, on the facts and in the circumstances of the case, the liabilities as shown in the balance-sheet of Batliboi and Co. P. Ltd. as on March 31, 1971/March 31, 1973, should be further reduced by sums of Rs. 29,28,504 and Rs. 35,01,1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 501,the first question requires to be answered in the negative and in favour of the assessee. As regards the second question, it is pertinent to mention that the provision for taxation included three items of Rs. 9,25,315, Rs. 10,24,496 and Rs. 6,89,663. The above liability was determined by the Income-tax Officer for the assessment years 1961-62, 1962-63 and 1963-64 under section 23A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the company will get reduced by such an amount for the purpose of computing the break-up value of the shares under rule ID of the Wealth -tax Rules, 1957. Shri Jetley, learned counsel for the Department, contended that when the liabilities were cancelled, it was not only open but the Wealth-tax Officer was obliged to ignore these liabilities for the purpose of valuing the shares under rule ..... X X X X Extracts X X X X X X X X Extracts X X X X
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