Delhi Court October 1998 Judgments

Collector of Central Excise Vs. Khanna Petrochem Co.

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in: (1999)(108)ELT782TriDel

1. These two appeals are preferred by the Revenue against the order-in-appeal dated 24-2-1994 and 28-2-1994 involving the issue regarding availment of benefit of Notification No. 175/86 as amended by Notification No. 55/92 and No. 67/92. Both the Appeals are disposed of by one common order.2. The Ld. SDR submitted that though both the Respondents M/s. Khanna Industries and M/s. Rajan Arts were not having certificates of SSI from the Director of Industries and they had exceeded the clearance value of Rs. 7.5 lakhs in preceding financial year they availed of the benefit of Notification No. 175/86 as amended by Notification No. 55/92. The Commissioner (Appeals) had allowed the benefit to both the Respondents observing that second proviso substituted by Notification No. 52/92, does not disentitle any of the Respondents from availing the benefit that this would disentitle them from availing of the Notification is terms of clause (a) of the proviso but they would still be eligible to avail ...

Ravindra Nath Khanna Vs. Assistant Commissioner of Wealth

Court: Income Tax Appellate Tribunal ITAT Delhi

1. These two appeals by the assessees involve consideration of a common point and both of them have raised identical grounds in their respective appeals which are reproduced hereunder : 1. "That the learned CWT(A) has erred in upholding the valuation of unquoted equity shares of Control and Switch Gear Co. Ltd. at Rs. 419 per share as adopted by the AO as against Rs. 339 worked out and declared by the petitioner in the return of wealth filed. 2. That the authorities below have erred in holding that the value of the fixed assets for the purpose of computation of value of equity shares under Sch. III of the Act is to be taken at Rs. 89,76,737 whereas the correct value of fixed assets as per the relevant rules works out to Rs. 76,09,000 only. 3. That CWT(A) has erred in not appreciating that for the purpose of computation of the value of unquoted equity shares under Sch. III of the WT Act, the total value of the assets stated in the balance sheet of company has to be reduced by depreciat...

Ravindra Nath Khanna Vs. Assistant Commissioner of Wealth Tax

Court: Delhi

Reported in: (2000)66TTJ(Del)869

ORDERB. M. Kothari, AM.These two appeals by the assessees involve consideration of a common point and both of them have raised identical grounds in their respective appeals, which are reproduced hereunder:1. 'That the learned Commissioner of Wealth Tax (Appeals) has erred in upholding the valuation of unquoted equity shares of Control and Switch Gear Co. Ltd. at Rs. 419 per share as adopted by the assessing officer as against Rs, 339 worked out and declared by the petitioner in the return of wealth filed.2. That the authorities below have erred in holding that the value of the fixed assets for the purpose of computation of value of equity shares under Sch. III of the Act is to be taken at Rs. 89,76,737 whereas the correct value of fixed assets as per the relevant rules works out to Rs. 76,09,000 only.3. That Commissioner of Wealth Tax (Appeals) has erred in not appreciating that for the purpose of computation of the value of unquoted equity shares under Sch. III of the Wealth Tax Act, ...