1976 (12) TMI 35 - HC - Wealth-tax

Summary

The High Court of Calcutta ruled that the market value of shares should be determined based on the break-up method of valuation of assets. The court held that the market value of shares cannot vary from person to person and upheld the valuation by the Wealth-tax Officer. The decision favored the revenue. (Case citation: 1976 (12) TMI 35 - CALCUTTA High Court)