1998 (11) TMI 19 - HC - Wealth-tax

Summary

The High Court of Madras ruled that rule 1D of the Wealth-tax Rules, 1957 is mandatory, not optional. The judgment was based on the Supreme Court's decision in Bharat Hari Singhania v. CWT [1994] 207 ITR 1. The court decided in favor of the Revenue and against the assessee, remitting the matter to the Tribunal for valuation of unquoted equity shares according to rule 1D.