1997 (11) TMI 57 - HC - Wealth-tax

Summary

The High Court of Madras directed the Tribunal to refer common questions of law regarding valuation of unquoted equity shares under the Wealth-tax Act, based on the decision in Bharat Hari Singhania v. CWT [1994] 207 ITR 1 (SC). The Tribunal had initially rejected the reference application, but the High Court found that the questions were referable.