Commissioner of Wealth Tax vs Estate of Late AMM. A.R. Valliammai Achi, M.M. Murugappan and M.V. Murugappan

K. Raviraja Pandian, J.—The common question referred to us at the instance of the revenue in the above tax cases relates to the assessment year 1983-84, which reads as follows:

"Whether, on the fact and in the circumstances of the case, the Appellate Tribunal was right in law in holding that in computing the value of unquoted shares held by the assessee under rule 1-D of the Wealth Tax Rules, as advance-tax paid and appearing on the asset side of the balance sheet of the relevant companies should not go to reduce the amounts of provision for taxation shown on the liability side ?"

The question involved in this case is that in computing the value of unquoted equity share held by the assessee whether Rule 1-D of the Wealth Tax Rules is mandatory or not. The very question was considered by the Supreme Court in the decision reported in Bharat Hari Singhania and others Vs. Commissioner of Wealth Tax (Central) and others, , wherein it has been held that Rule 1-D of the Wealth Tax Rules is mandatory and accordingly answered the issue in favour of the revenue. Following the Supreme Court decision referred to above, we answer the question referred to us in the negative and in favour of the revenue. No costs.