1992 (6) TMI 12 - HC - Wealth-tax

Summary

The High Court of Karnataka ruled in favor of the assessee regarding the valuation of unquoted equity shares under the Wealth-tax Act, 1957. The court held that the Appellate Tribunal was correct in not mandating rule 1D of the Wealth-tax Rules, 1957. The decision was based on a previous court ruling in CWT v. S. Jindal [1992] 194 ITR 539. Mr. Ramabhadran, counsel, has been granted one month to file his vakalath.