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<h1>Valuation of unquoted shares for estate duty as per Wealth-tax Rules</h1> The HC of Bombay held that unquoted shares can be valued for estate duty purposes as per rule 1D of the Wealth-tax Rules, 1957. The valuation should be ... Article 14 Of The Constitution, Legislative Competence The High Court of Bombay held that unquoted shares can be valued for estate duty purposes according to rule 1D of the Wealth-tax Rules, 1957. The valuation should be based on the balance-sheet immediately preceding the valuation date, which in this case was the date of death. The court ruled in favor of the accountable person.