Explanation to rule 11 of Schedule III to the Wealth-tax Act--Balance-sheet drawn up as on the relevant valuation date but not available to the shareholders on the due date of filing wealth-tax returns--Instructions regarding

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..... luation date but not available to the shareholders on the due date of filing wealth-tax returns--Instructions regarding. Circular No. 548 Dated 27/10/198 Rules 11 and 12 of Schedule III to the Wealth-tax Act lay down the manner of computing the value of unquoted equity shares on the basis of the balance-sheet of a company. The Explanation to rule 11 provides that for purposes of this ru .....

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..... nce in such cases, it cannot be said that the balance-sheet is not drawn up as on the relevant valuation date, it will not be permissible to work out the value under rules 11 and 12 on the basis of the balance-sheet drawn up as on a date immediately preceding the relevant valuation date. This may result in hardship to the taxpayers. 3. The Board have decided that where the balance-sheet of a com .....

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