Supreme Court of India
Bharat Hari Singhania and Ors. Etc. Etc. v. Commissioner of Wealth Tax (central) and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that Rule 1-D is not ineffective or invalid for any of the reasons suggested by the learned counsel for the assessees nor can it be said that the Wealth Tax Officer has an option to follow or not to follow the said Rule.
Judgment, page 24
From the headnote
Wealth TaxAct, 1957/Wealth Tax Rules: Sections 2, 3, 7 and 24(6)/Rule Unquoted equity shares of companies other than investment companies c . and managi,ng agency companies-Detemiination of market value-Break-up method fomiula-Validity of-Rule 1 ( d) and Explanation I thereto-Perfectly valid piece of delegated legi,slation-Not in conflict with Section 24(6) of the Act-Rule being mandatory or directory does not arise-No deduction on account of capital gains tax payable in case the shares were sold on the valuation date-Assessee holding shares in company whose assets comprise of .igricultural
Where later benches applied it
- 2022 Ptc India Financial Services Limited v. Venkateswarlu Kari and Another
- 2021 Union of India & Ors. v. Vkc Footsteps India Pvt Ltd.
Of those, 2 referred to
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