1975 (1) TMI 1

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..... of the Rules framed under the W.T. Act is not valid, because it is unreasonable or arbitrary. Section 7 of the W.T. Act provides for the procedure for assessing the value of the assets to be charged to wealth-tax. By an amendment of the section, the market value should be estimated to be the price which, in the opinion of the WTO, would fetch if sold in the open market on the valuation date. But t .....

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