Supreme Court · 1994 INSC 76 · Decided 16 February 1994
Bharat Hari Singhania and ORS. ETC. ETC. v. Commissioner of Wealth Tax (Central) and ORS.
- Court
- Supreme Court of India
- Citation
- 1994 INSC 76 · [1994] 1 S.C.R. 1033
- Case number
- WRIT PETITION (CIVIL) No. 1213/1990
- Decided
- 16 February 1994
- Bench
- S.C. AGRAWAL, B.P. JEEVAN REDDY, A.S. ANAND (3-judge bench)
- Case type
- Writ / Constitutional
Headnote
Wealth TaxAct, 1957/Wealth Tax Rules: Sections 2, 3, 7 and 24(6)/Rule Unquoted equity shares of companies other than investment companies B c . and managi,ng agency companies-Detemiination of market value-Break-up method fomiula-Validity of-Rule 1 ( d) and Explanation I thereto-Perfectly valid legi,slation-Not in conflict with Section 24(6) of the Act-Rule being mandatory or directory does not arise-No deduction on account of capital gains tax payable in case the shares were sold on the D valuation date-Assessee holding shares in company whose assets comprise of .igricultural land
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