Commissioner of Wealth Tax vs Pranlal Bhogilal

T.D. Sugla, J.—The questions of law raised in this reference read thus :

Asst. yrs. 1960-61, 1961-62 & 1962-63.

"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the AAC''s decision that the value of the shares of M/s. Renwick & Co., Pvt. Ltd. should be taken at face value of Rs. 10 per share against the break up value of Rs. 27.20 for each of the asst. yrs. 1960-61, 1961-62 and 1962-63 ?"

Asst. yrs. 1960-61 to 1970-71

"Whether, on the facts and in the circumstances of the case, was the Tribunal justified in excluding from the "net wealth" computation the debt represented by the dividend declared by M/s. Renwick & Co. Pvt. Ltd. and not received on the valuation on each of the valuation dates for the asst. yrs. 1960-61 to 1970-71 ?"

The counsel are agreed that both the questions are covered by this Court''s decision in the case of Commissioner of Wealth-tax, (Central), Bombay Vs. Bhogilal H. Patel, . In view thereof, both the questions are answered in the affirmative and in favour of the assessee. No order as to costs.