Kolkata Court June 1984 Judgments
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Wealth-tax Officer Vs. Ramlal Rajgarhia and Ramlal Rajgarhia and Sons.
Court: Kolkata
Decided on: Jun-04-1984
Reported in: [1986]17ITD971(Cal)
ORDERPer Shri H. S. Ahluwalia, Judicial Member - The dispute in these appeals relates to the market value of unquoted equity shares in Orient Steel (P.) Ltd. and Ajay paper Mills for the purpose of computation of the net wealth of the assessee.2. In the first appeal the assessee filed a return declaring the value of each share in Orient Steel (P.) Ltd. at Rs. 16.36 per share. Then he revised it to Rs. 4.99 per share on the yield basis as according to him, the shares were not quoted in any stock exchange and the company was not in liquidation. The WTO, however, computed the value at Rs. 18 per share in accordance with rule 1D of the Wealth-tax Rules, 1957 (the Rules). In the second year the dispute relates to the shares in Ajay Paper Mills which the assessee estimated at Rs. 10 per share but the WTO computed at Rs. 16.83 again in accordance with rule 1D. The assessee filed appeals for both the years in question before the AAC and relied upon the decision of the Supreme Court in the case...
Srikant JaIn Vs. B.K. Plastic Industries
Court: Kolkata
Decided on: Jun-01-1984
Reported in: AIR1986Cal29
1. This application had been taken out by M/s. B. K. Plastic Industries against Srikant Jain, carrying on business and also having a dwelling house at No. 33 Burtola Street, Calcutta-7.2. It is the case of the petitioning creditor that within the year next preceding the presentation of the petition, the debtor Srikanl Jain had and still has a dwelling house at No. 33 Burtola Street, Calcutta. By an order dt. 22nd Sept., 1976 passed in suit No. 397 of 1976 between M/s. B. K. Plastic Industries and B. K. Plastics Pvt. Ltd. & others, the matters in dispute between the parties were referred to arbitration of Mr. A. C. Bhabra. The Arbitrator delivered his Award in writing on 3rd Oct., 1977. This High Court was pleased to pass a judgment upon Award on 13th Jan., 1978 and directed the defendants M/s. B. K. Plastics Pvt. Ltd., Srikant Jain and Chandrakant Jain to pay to the plaintiff the amounts payable under the said Award and also to pay the costs of obtaining the said Award. The defendants ...
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