COMMISSIONER OF INCOME-TAX/WEALTH TAX (APPEALS), COYS-III, LAHORE versus MESSRS SHAHZADA A. MANOO
R 8 (2) (c) (ii) Wealth Tax Act (XV of 1963), Section 27 The question related to the law involved in determining the liability of a company appealed to the High Court was whether taxation and / or deferment \ Was the taxing provision determined? In the terms of Rule 8 (2) (C) (II) of the Wealth Tax Rules, 1963, the responsibility of the company and the determination of the breakup value of shares of Rule 8 (2) (C) (ii), Wealth Tax Rules 1963 Was cut to do By computing the value of the shares of a non-listed company, it was not forbidden to exclude the tax for any purpose but only required that the balance sheet be paid carefully by the Assessment Officer. Checking should be done so that this item is not excluded. Appeal decided accordingly should really be part of the reserves. r \ n
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