The dispute relates to valuation of quoted shares of a Company which were transferred on 28.3.1973.
THE 2ND DAY OF DECEMBER, 1997 Present Honble Mr. Justice Sushas C.Sen Honble Mr.Justice V.N. Khare T.M.Sampath and S.Balaji, Advs.
The Tribunal was directed to re examine the question in that light again.
The High Court held that if anything had happened to the assets and liabilities of the Company between 28.3.1972 and 31.3.1972, that companyld also taken into companysideration by the Tribunal.
Whether, on the facts and in the circumstances of the case, the Balance sheet figures as on 31.3.1972 should be taken for ascertaining the break up value of the shares gifted and number the balance sheet figures as on 31.3.1973?
The assessment year involved in 1973 74.
for the appellant Ranbir Chandra, Hemant Sharma and B.K. Prasad, Advs.
for the Respondent J U D G M E N T The following Judgment of the Court was delivered SEN, J The following question of law was referred by the Tribunal to the High Court under Section 26 1 of the Gift Tax Act, 1958.
