TMI Blog1996 (4) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal referred the following question for the opinion of this court under section 27(1) of Wealth-tax Act, 1957 : "Whether, on the facts and in the circumstances of the case, and having regard to sub-clause (f) of clause (ii) of Explanation II to rule 1D of the Wealth-tax Rules, the Appellate Tribunal was right in holding that in arriving at the break-up value of the shares, the provision for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of the company for the reason that it represents the present discounted value of the employer's commitment as a whole to pay the workmen gratuity as and when it becomes liable. Consequently, the provisions of Explanation II (ii)(f) to rule 1D of the Wealth-tax Rules, 1957, will not apply and for determining the value of unquoted shares for purposes of wealth-tax, gift-tax and estate duty, their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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