2001 (6) TMI 9 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a Wealth Tax case regarding the valuation of assets and shares. The judgment stated that the latest published balance-sheet available on the valuation date should be used to determine the value of shares. The court did not require notice to the legal representatives of the deceased assessee. The question was answered in favor of the assessee and against the Revenue.