Supreme Court Reverses High Court Decision on Wealth Tax Valuation of Unquoted Shares

The Supreme Court allowed civil appeals in favor of the Revenue, overturning the High Court's decision on the computation of intrinsic value of unquoted shares for wealth tax purposes. The decision was based on the Bharat Hari Singhania v. CWT case, replacing the earlier L. G. Balakrishnan v. CWT ruling. No costs were awarded.

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The Supreme Court allowed civil appeals in favor of the Revenue regarding the computation of intrinsic value of unquoted shares for wealth tax purposes. The High Court's decision was overturned based on the Bharat Hari Singhania v. CWT case, replacing the earlier L. G. Balakrishnan v. CWT ruling. No costs were awarded.

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