High Court rules in favor of assessee on valuation of unquoted equity shares

The High Court of Karnataka ruled in favor of the assessee regarding the valuation of unquoted equity shares under the Wealth-tax Act, 1957. The court upheld the decision of the Appellate Tribunal and did not require the application of rule 1D of the Wealth-tax Rules, 1957, citing precedent from a previous case. Counsel for the assessee was granted one month to file vakalath.

---

---

The High Court of Karnataka ruled in favor of the assessee regarding the valuation of unquoted equity shares under the Wealth-tax Act, 1957. The court held that the Appellate Tribunal was correct in not mandating rule 1D of the Wealth-tax Rules, 1957. The decision was based on a previous court ruling in CWT v. S. Jindal [1992] 194 ITR 539. Mr. Ramabhadran, counsel, has been granted one month to file his vakalath.

---