Law:

Section:

Economic Reforms Order (P. O. 1 of 1972)- Arts. 7-B & 7-C and Second Schedule cls. l(a) & 4 read with Wealth Tax Rules, 1963, r. 8(2)(c)-Acquisition of shares of Company­ Determination of compensation on basis of break-up value-"Break­up value"-Means value of shares of a company as determined by auditors of such company on basis of latest audited annual balance­-sheet in accordance with r. 8(2)(c) of Wealth Tax Rules-Auditors in determining break-up value found to have gone behind Profit and Loss Account, deducting depreciation neither claimed nor available and bringing in extraneous item-Acceptance by Government of such ipsi dixit determination of break-up value-Held, without lawful authority and that Single Judge rightly excluded irrelevant consideration and determined break-up value in accordance with relevant rule-­Held further, that legislation on subject confiscatory in nature and when it provides for payment of compensation according to a certain formula given in a rule, sophistory is not to be employed to render nugatory or illusory what has been given by law with left hand­--- Hedley Byrne & Co. v. Heller & Partners Ltd. (1963) 2 All E R 575 ; Re Thomas Gerrard & Son Ltd. (1967) 2 All E R 525 ; Arenson v. Arenson and another (1973) 2 All E R 235 ; The Principles of Auditing by F. R. M. DE Paula, p. 115 ; Principles and Practice of Auditing by Jamshed R. Batliboi, p. 228 ; Spicer and Pegler's Practical Auditing, p. 226 ; Commissioner of Wealth Tax, Delhi & Rajasthan v. Ganganagar Sugar Mills Limited 1972 P T D 349 ; Commissioner of Wealth Tax, West Bengal v. Bally Jute Company Ltd. (1969) 2 Taxation and Central India Machinery Manufacturing Co. Ltd. v. Commissioner of Wealth Tax, Nagpur 1971 P T D 861 held not applicable].-[Interpretation of statutes]. Hedley Byrne & Co. v. Heller & Partners Ltd. (1963) 2 All E R 525 ; Re Thomas Gerrard & Son Ltd. (1967) 2 All E R 525 ; Arenson v. Arenson and another (1973) 2 All E R 235 ; The Principles of Auditing by I: R. M. DE Paula, p. 115 ; Principles and Practice of Auditing by Jamshed R. Batliboi, p. 228 ; Spicer and Pegler's Practical Auditing, p. 226 ; Commissioner of Wealth…

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