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2001 (11) TMI 19 - MADRAS HIGH COURT"1. Whether, Tribunal was right in holding that the liabilities in dispute relating to the purchase of cotton shown in the notes to the balance-sheet should also be deducted in determining the value of shares? - 2. Whether, Tribunal was right in holding that the proposed dividend of Rs. 2,52,000 for the year ended on September 30, 1978, declared on May 28, 1979, was eligible for deduction as a liability in arriving at the value of shares of the company?" - The first question is accordingly answered in favour of the Revenue, as the notes in the balance-sheet do not form part of the balance-sheet. The second question is required to be answered in favour of the assessee. When a balance-sheet is not drawn up on the valuation date, but the balance-sheet drawn up on a date preceding the valuation date is available, that balance-sheet shall be adopted as the basis. The questions are accordingly answered.
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