9911796707
TMI Blog2000 (11) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... were referred to this court. The first question is: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the advance tax pay able under section 210 of the Income-tax Act, 1961, should not be reduced from the amount of provision for taxation which is deductible as a liability while ascertaining the value of unquoted equity share for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computing the value of unquoted shares of a company under rule ID of the Wealth-tax Rules, 1957, the provision for taxation should not be reduced by the amount of the advance tax paid by the company concerned. Only under the said circumstances the reference was made to this court. The learned advocate for the petitioner has cited the case of Bharat Hari Singhania v. CWT [1994] 207 ITR 1 (SC), whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn by the apex court in the case cited supra are squarely applicable to the case on hand. Therefore, we also answer the reference against the assessee and in favour of the Revenue. The next question which was referred to this court is as to whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the amount standing to the credit of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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