Commissioner of Wealth Tax vs Nirmal Pratap Bhogilal

T.D. Sugla, J.—These two references raise a common question of law except for the assessment year. The question reads thus :

W.T. Ref. No. 17 of 1976 :

"Whether, on the facts and in the circumstances of the case, the liabilities as shown in the balance sheet of M/s. Batliboi and Company Pvt. Ltd. as at 31st March, 1971 should be further reduced by a sum of Rs. 29,28,504 being the amount paid as advanced tax while determining the market value of unquoted equity shares of the company in terms of r. 1D of the WT Rules, 1957 ?"

WT Ref. No. 18 of 1976 :

"Whether, on the facts and in circumstances of the case, the liabilities as shown in the balance sheet of Batliboi & Co. Pvt. Ltd., as at 31st March, 1970 should be further reduced by the sum of Rs. 42,51,508 aforesaid while determining the market value of the unquoted equity shares of the company in terms of r. 1D of the WT Rules, 1957 ?"

The counsel are agreed that in view of this Court''s judgment in the case of Commissioner of Wealth-tax Vs. Pratap Bhogilal and another, , the question is to be answered in the affirmative and in favour of the assessee. The question in both the references is so answered. No order as to costs.