High Court: Latest balance-sheet used for valuation in Wealth Tax case. No notice to deceased's legal reps. Assessee prevails.

The High Court of Madras ruled in favor of the assessee in a Wealth Tax case, determining that the latest published balance-sheet should be used for valuing assets and shares. Legal representatives of the deceased assessee were not required to be notified. The decision favored the assessee over the Revenue.

---

---

The High Court of Madras ruled in favor of the assessee in a Wealth Tax case regarding the valuation of assets and shares. The judgment stated that the latest published balance-sheet available on the valuation date should be used to determine the value of shares. The court did not require notice to the legal representatives of the deceased assessee. The question was answered in favor of the assessee and against the Revenue.

---