1991 (2) TMI 45 - HC - Income Tax

Summary

The High Court of Allahabad addressed questions regarding the Wealth-tax Act, 1957. The court clarified that rule 1D does not override section 24(6) of the Act. The Department can rely on rule 1D even if not raised before the Tribunal. Valuers must follow rule 1D when valuing unquoted shares. The Tribunal's reliance on valuers' reports was deemed justified. The reference was answered accordingly with no costs.