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2010 (9) TMI 278 - ALLAHABAD HIGH COURTComputation of wealth - Sales tax liability - Initially the Company in the balance sheet has not shown such liability but subsequently the balance sheet has been amended and the liability of sales tax which has arisen by the Ordinance of 1990 has been shown - On the basis of the said liability of the sales tax, the assessee has claimed deduction in the valuation of the unquoted shares under Rule 1D of the Rules - claim of deduction has been disallowed by the assessing authority - Held that: - Tribunal by its order allowed the appeal and the claim of the assessee in respect of deduction - sales tax which accrued retrospectively by the Ordinance of 1990 could not be ignored which was also reflected in the balance sheet - reference applications are, accordingly, rejected
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