Rule 2H - Valuation of assets forming part of industrial undertaking - Wealth Tax Rules, 1957

Valuation of assets forming part of industrial undertaking. 1 2H. [ Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989. ] Valuation of interest in assets of industrial undertaking belonging to a firm or association of persons. --------------------- Notes:- 1. Before Omission rule 2H, as inserted by the Wealth-tax (Second Amendment) Rules, 1973, w.e.f. 1-4-1973, read as under : (1) For the purposes of clause ( xxxi ) of sub-section (1) of section 5, the value of asset (not being any land or building or any rights in any land or building or any asset referred to in any other clause of that sub-section) forming part of an industrial undertaking belonging to the assessee shall be determined in the manner specified in sub-rule (2). (2)( a ) The value of each asset referred to in sub-rule (1), other than cash, shall be estimated to be the price which, in the opinion of the Wealth-tax Officer, it would fetch if sold in the open market on the valuation date and the aggregate price so estimated as increased by the amount of cash shall be the value of such assets. ( b ) Notwithstanding anything contained in clause ( a ), where, in respect of the business of the industrial undertaking, accounts are maintained by the assessee regularly, the Wealth-tax Officer may, instead of determining separately the value of each such asset, determine the value of such assets as a whole having regard to the balance sheet of such business as on the valuation date and shall make adjustments therein as specified in rules 2B, 2C, 2D and 2G insofar as they are applicable.