Supreme Court Of India
Commissioner Of Wealth Tax vs. Shilaben Family Trust & Ors.
Section WT 7
S.P. Bharucha, Y.K. Sabharwal & Mis. Ruma Pal, JJ.
Civil Appeal Nos. 309 to 311 of 1993
21st September, 2000
BY THE COURT :
The High Court answered the following question in the affirmative and in favour of the assessee :
“Whether the Tribunal is right in law and on facts in directing that the value of unquoted shares of Cadila Laboratories (P) Ltd. be worked out as per r. 1D of the WT Rules, as interpreted by the Gujarat High Court in the case of CWT vs. Ashok K. Parikh (1981) 129 ITR 46 (Guj) : TC 63R.439 ?” It relied upon its earlier judgment in the case of CWT vs. Ashok K. Parikh (1981) 129 ITR 46 (Guj) : TC 63R.439.
2. The issue raised by the question was considered by this Court in the case of Bharat Hari Singhania vs. CWT (1994) 118 CTR (SC) 125 : (1994) 207 ITR 1 (SC) : TC63R.362 and a contrary view was taken. Accordingly following the said judgment of this Court, the civil appeals are allowed and the order under appeal to set aside.
No order as to costs.
[Citation : 248 ITR 183]