1976 (12) TMI 35

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..... ther, on the facts and in the circumstances of the case, the conclusion of the Tribunal that the break-up value of the shares of Messrs. Lal Holdings (P.) Ltd. should be determined on the basis of its balance-sheet figures was in accordance with law ? " The reference relates to the wealth-tax assessment years 1963-64 and 1964-65, for which the respective valuation dates are March 31, 1963, and M .....

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..... ue as shown in the balance-sheet of the former company without any such adjustment and dismissed the appeals filed by the department. Mr. B. L. Pal, learned counsel for the revenue, has questioned the validity of the above reasonings and has urged that the break-up method of valuation of assets has been accepted by the Tribunal and, therefore, if it is held that this method is not applicable in .....

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..... rospective buyers in the imaginary market. All that one can do is to consider what are the factors which reasonably a prospective buyer might consider and then decide how these factors affect the value of the shares. This decision has been noted by the Supreme Court in the case of Commissioner of Wealth-tax v. Hindustan Motors Ltd. [1976] 104 ITR 530 (SC). In our opinion, the market value of the .....

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