1992 (2) TMI 15 - HC - Wealth-tax

Summary

The High Court of Calcutta ruled that Wealth-tax Rules 1C and 1D are not mandatory for valuing unquoted shares, directing the Wealth-tax Officer to use the yield basis. The Tribunal's decision was upheld, contrary to a previous judgment that found Rule 1D to be mandatory. The judgment favored the Revenue, with no costs awarded.