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2004 (8) TMI 89 - ALLAHABAD HIGH COURTValuation of shares – deduction in respect of accumulated dividend on cumulative preference shares and depreciation as worked out in the income-tax assessment - 1. Whether Tribunal was legally correct in holding that in determining the value of the shares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, 1957, deduction was to be allowed in respect of accumulated dividend on cumulative preference shares? 2. Whether, Tribunal was legally correct in holding that in determining the value of the shares of J.K. Jute Mills Ltd., under rule 1D of the Wealth-tax Rules, deduction should be allowed of depreciation as worked out in the income-tax assessment of the company? - We answer both the questions of law in the negative, i.e., in favour of the Revenue and against the assessee.
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