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Judgment
T. D. SUGLA, J. :
The two questions referred to this Court in this reference under s. 27(1) of the WT Act, 1957 are :
"1. Whether, on the facts and in the circumstances of the case, the liabilities as shown in the balance sheet of Batliboi & Company Pvt. Ltd. as at 31st March, 1973 should be further reduced by the sum of Rs. 35,01,123 representing the advance tax paid for asst. yrs. 1972-73 and 1973-74 while determining the market value of unquoted equity shares of the company in terms of r. 1D of the WT Rules, 1957 ?
Whether, on the facts and in the circumstances of the case, the provision made for s. 23A/104 liability for the asst. yrs. 1961-62 to 1963-64 and Income Tax liability for the asst. yr. 1970-71 should be excluded from liabilities for the purpose of determining the market value of 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 Courts judgment in the case of Commissioner of Wealth-tax Vs. Pratap Bhogilal and another, , the question are to be answered in the negative and in favour of the assessee. The questions are so answered.
No order as to costs.