Find a Lawyer

W.T.AS. NOS.1012/LB AND 1361/LB OF 2001, DECIDED ON 30TH MAY, 2002. versus W.T.AS. NOS.1012/LB AND 1361/LB OF 2001, DECIDED ON 30TH MAY, 2002.

Wealth Tax Act 1963 Section 16 (3) Wealth Tax Rules, 1963, R8 (2) (C) (ii) The breakup value calculation for the breach of contract was determined by the price of the shares. On the basis of the final balance sheet, it was announced that the Assessing Officer added such reserve to the contractual obligation, without adding a reserve to appear on the balance sheet's obligation to perform the contractual obligation. Worked on the breakup value. Out of the future obligation was the commercial obligation to provide for the terms of the contract and was considered under R8 (2) (c) (ii) of the Tax Tax Rules, 1963, which is free of charge. There was no reservoir that was incorrectly assumed, so the First Appellate Authority, through the Assisting Officer, observed that the Assisting Officer needed to be carefully examined in accordance with the provisions of the above rules so that the balance sheet could not be excluded. ? EMSs that did not actually form part of the reserves also differ in terms of provisions and reserves. Undoubtedly the cost related to the contract was calculated as a free reserve for contractual obligations by examining the balance sheet without scrutiny. The things that really form part of the reserve were that the reserve for the responsibility of the contract constituted a free reserve for that matter without saying anything in the matter of detailed facts of the reserve, Can make a surplus without proving it. In terms of R8 (2) (c) (II) of the Wealth Tax Rules, 1963, the portion of the reserves that the contractual obligation reserves to be treated as a free reserve from the past or if alpha family advocate from Silanwala lawyer