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of <h1>Rule 2C Omitted in 1989: Changes in Valuation of Undisclosed Assets Under Wealth Tax Rules 1957</h1> The Wealth Tax Rules, 1957, specifically Rule 2C, addressed the valuation of assets not disclosed in the balance sheet. This rule was omitted by the Wealth-tax (Second Amendment) Rules, 1989, effective from April 1, 1989. Prior to its omission, Rule 2C stated that the value of undisclosed assets would be determined based on specific criteria: debts were valued at the amount due minus any allowable deductions, purchased goodwill and managing agency rights were valued at the lesser of market value or purchase price, and other assets were valued at market value on the valuation date.
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