Rule 1D interpretation: Tribunal must apply valuation rules when assessing unquoted shares, directing departmental appeals accordingly. The High Court held that the Tribunal's powers under section 24(5) are not different from those of the assessing authority and must be exercised in accordance with the Act and rules; the expression 'as it thinks fit' does not permit disregarding the binding effect of Rule 1D. The Board instructs officers to note this decision and for Departmental Representatives to present the departmental case before the Appellate Tribunal in light of that interpretation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rule 1D interpretation: Tribunal must apply valuation rules when assessing unquoted shares, directing departmental appeals accordingly.
The High Court held that the Tribunal's powers under section 24(5) are not different from those of the assessing authority and must be exercised in accordance with the Act and rules; the expression "as it thinks fit" does not permit disregarding the binding effect of Rule 1D. The Board instructs officers to note this decision and for Departmental Representatives to present the departmental case before the Appellate Tribunal in light of that interpretation.
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