9911796707
TMI Blog1984 (7) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. on July 9, 1970, to four of his relations. He fixed the value of such shares at Rs. 1,19,500 at the rate of Rs. 500 per share. The ITO did not accept the assessee's valuation of the share and came to the conclusion that each share was worth Rs. 1,045 and computed capital gains at Rs. 1,56,255 and brought it to tax. On an appeal, the AAC came to the conclusion that, in view of cl. (iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the Tribunal was justified in holding that the fair market value of the shares as on the date of the transfer could be determined only on the basis of rule ID of the Wealth-tax Rules, 1957 ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal had correctly interpreted the provisions of the Explanation II to rule ID of the Wealth-tax Rules, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the Revenue, the other three questions would not arise for consideration. It is, therefore, necessary to deal in the first instance with the question got referred at the instance of the Revenue. The AAC of Income-tax as also the Tribunal based its decision in regard to the exigibility of the amount in question to capital gains tax on the decisions of the various High Courts as against the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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