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of <h1>Rule 2H Omitted: Valuation of Industrial Undertakings' Assets Changed in Wealth Tax Rules 1957 from April 1, 1989</h1> Rule 2H of the Wealth Tax Rules, 1957, which outlined the valuation of assets in industrial undertakings, was omitted effective April 1, 1989. Prior to its omission, the rule specified that the value of assets, excluding land, buildings, or certain other assets, should be estimated based on their potential market price. The Wealth-tax Officer could determine asset values individually or collectively by considering the business's balance sheet and making necessary adjustments according to specified rules. This rule applied to assets belonging to firms or associations of persons within an industrial undertaking.
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