- (1.) The High Court answered the following question in the affirmative and in favour of the assessee : "Whether the Tribunal is not right in law and on facts in directing that the values of unquoted shares of Cadila Laboratories Pvt. Ltd. be worked out as per Rule 1-D of the w. T. Rules as interpreted by the Gujarat high Court in the case of Ashok K. Parikh, (1981) 129 ITR 46 : (1981 Tax LR 923). It relied upon its earlier judgment in the cases of Commr. of Wealth Tax v. Ashok K. Parikh, (1981) 129 ITR 46 : (1981 Tax LR 923).
(2.) The issue raised by the question was considered by this Court in the case of Bharat hari Singhania v. Commr. of Wealth Tax, (1994) 207 ITR 1 : (1994 0 AIR (SCW) 1995 : air 1994 SC 1355 :1994 Tax LR 417) and a contrary view was taken.
(3.) Accordingly, following the said judgment of this Court, the civil appeals are allowed and the order under appeal is set aside.;