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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Corrective Action Needed for Valuation Errors in Unquoted Shares Under Wealth-tax Rule 1D: Fix 35% Discount Mistake by June 1972.</h1> The circular addresses the need for corrective action under Rule 1D of the Wealth-tax Rules, 1957, concerning the valuation of unquoted equity shares for wealth tax purposes. It highlights errors in applying a 35% discount instead of the correct 25% for companies not paying dividends for six years, as noted by Revenue Audit. The Board instructs a review of such cases for rectification by June 1972 and requests that all Wealth Tax Officers be informed to ensure timely correction of these valuation errors.
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