2000 (9) TMI 3 - SC - Wealth-tax

Whether Tribunal is right in law in holding that in valuing shares under rule 1D the entire provision for taxation appearing on the liabilities side of the balance-sheet should be deducted from the value of the assets- Whether Tribunal is right in law in approving the assessee s method of valuation in respect of unquoted shares in preference to the valuation adopted by the Wealth-tax Officer as per the provisions of rule 1D - questions are answered in favour of revenue

Summary

The Supreme Court allowed the appeals in a Wealth-tax Act case, answering questions in favor of the Revenue regarding the valuation of shares and the application of rule 1D of the Wealth-tax Rules. The High Court's decision was set aside. (Case citation: 2000 (9) TMI 3 - Supreme Court)