JUDGEMENT
G.K. Israni, Judicial Member -
(1.)THESE six appeals by the assessees are directed against the separate but identical orders of the learned Deputy Commissioner of Wealth-tax (Appeals), Akola Range, Akola, of even date (3-10-1988) in relation to the assessment year 1987-88. Since the six appeals raise an identical question and arise out of identical Appellate Orders, they are being disposed of by this consolidated order.
(2.)The solitary question involved in these appeals relates to the valuation of unquoted equity shares owned by the assessees of M/s. R.S. Rekhchand Mohota Spinning and Weaving Mills Pvt. Ltd., Bombay and Shree Vinay Waste Reclamations Pvt. Ltd., Hinganghat. The two companies are other than investment companies and Managing Agency Companies.
The department has been valuing the shares of these companies in the hands of the assessees on the yield basis right up to the assessment year 1984-85. Earlier, the Wealth-tax Officer, disagreeing with the stand of the assessees valued these shares by the break-up method as laid down in rule ID of the Wealth-tax Rules, 1957. On appeal the learned A.A.C. of Wealth-tax following the order dated 7-4-1982 of the Tribunal in W.T.A. Nos. 254, 255 & 256 (Nag.)/81, directed the shares to be valued by the yield method. The said order of the Tribunal was followed in subsequent years in the cases of these assessees and all those orders are the subject matter of reference before the Hon'ble High Court. For the assessment years 1985-86 and 1986-87 the departmental appeals before the Tribunal were successful and the Tribunal, vide its order dated 24-6-1988, reversed the orders of the learned A.A.C. and directed that the aforesaid shares be valued by break-up method as given in rule ld. For the assessment year 1987-88, which is the year in question in the present appeals, the W.T.O. valued the said shares by a break-up value method. The first appeals have failed giving rise to the present appeals by the assessees.
(3.)THE arguments of the learned counsel for the appellants and the learned Departmental Representative were heard.
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