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of <h1>High Court: Wealth-tax Rules 1C & 1D not mandatory for valuing unquoted shares. Use yield basis. Tribunal ruling affirmed.</h1> <h3>Commissioner Of Wealth-Tax Versus Mrs. Ratna Bose</h3> Commissioner Of Wealth-Tax Versus Mrs. Ratna Bose - [1993] 201 ITR 40 The High Court of Calcutta ruled that Wealth-tax Rules 1C and 1D are not mandatory for valuing unquoted shares, directing the Wealth-tax Officer to use the yield basis. The Tribunal's decision was upheld, contrary to a previous judgment that found Rule 1D to be mandatory. The judgment favored the Revenue, with no costs awarded.
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