1992 (7) TMI 110 - AT - Wealth-tax

Summary

The appellate tribunal ITAT Bombay-E ruled in favor of the assessee in an appeal regarding the valuation of unquoted equity shares for the assessment year 1989-90. The tribunal held that the ratio of the Bombay High Court decision in the case of CWT v. Pratap Bhogilal must be applied in valuing the shares under Rule 11 of Schedule III of the Wealth-tax Act, as it is in pari materia with Rule 1D. The tribunal allowed the appeal, directing the valuation to be done in accordance with the Bombay High Court decision.