TMI Blog1994 (6) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... on identical point decided in the case of Ashok K. Parikh. 2. The learned Departmental Representative strongly relied on the judgment of Hon'ble Supreme Court and contended that the view taken by the Gujarat High Court in the case of Ashok K. Parikh had been reversed by the Supreme Court in the above referred judgment. The subsequent judgment of the Apex Court is a valid basis justifying rectification of an order passed at an anterior point of time. 3. The learned counsel for the assessee submitted that SLP in the case of Ashok K. Parikh is still pending before the Hon'ble Supreme Court. A decision in some other case will not amount to overruling of the judgment of Hon'ble Gujarat High Court the case of Ashok K. Parikh. Furthermore, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valid basis for rectification of the order passed by the Tribunal. 4. We have carefully considered the submissions made by the learned representatives and have also gone through the judgments cited by them. 4.1. A perusal of the assessment orders in the case of the present assessee for asst. yrs. 1987-88 and 1988-89 reveals that he has valued the unquoted equity shares of certain companies as per r. 1D applying the principles laid down in the case of Ashok K. Parikh. The Assessing Officer observed that the decision in the case of Ashok K. Parikh has not been accepted by the Department and SLP has been filed before the Supreme Court. He, therefore, determined the value of unquoted equity shares as per the said rule ignoring the princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lauses made by the Hon'ble Supreme Court in the said judgment is relevant for the purposes of deciding the present miscellaneous application. While dealing with this question the Supreme Court in para 30 of the judgment, inter alia, gave an illustration in order to clarify and explained the correct interpretation of the relevant provisions contained in the said Expln.-II to r. 1D. "....The situation is best explained by giving an illustration. Take a case where a company has paid eight lakhs by way of advance tax which is shown as an asset in the balance sheet. The company has made a provision of fifteen lakhs for taxation which is shown as a liability in the balance sheet. The WTO estimates the tax payable on the basis of book profits a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yana High Court in Ashok Kumar Oswal (Minor) vs. CWT (1984) 43 CTR (P H) 216 : (1984) 148 ITR 620 (P H). On the other hand, Gujarat High Court in CWT vs. Ashok K. Parikh (1981) 129 ITR 46 (Guj) has taken a different view which has been adopted by some other High Courts. It is enough to indicate that if the said sub-clauses are understood in the manner indicated and clarified by us, the counsel for the assessee agrees that they have no grievance. In this view of the matter, we do not think necessary to deal with the opposing views of the High Courts at any length." The aforesaid finding given by the Hon'ble Supreme Court clearly indicates that the different view expressed by the Gujarat High Court in the case of Ashok K. Parikh as compare ..... X X X X Extracts X X X X X X X X Extracts X X X X
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