https://www.taxtmi.com/caselaws?id=61948 The appeals were filed by the revenue against the AAC's orders regarding the valuation of unquoted shares in Collis Line (P.) Ltd. The key issue was the valuation of ships under rule 1D of the Wealth-tax Rules, specifically the transfer of ships from Ambassador Steam Ships (P.) Ltd. to Collis Line (P.) Ltd. The AAC accepted using written down values for ship valuation, but the Tribunal disagreed, emphasizing valuing assets based on balance sheet figures. The Tribunal upheld the WTO's valuation method, stating that the book value in the balance sheet should be the primary basis for valuation. The appeals were allowed in favor of the revenue. en-us Sat, 31 Oct 1981 00:00:00 +0530 Mon, 17 Jan 2011 12:28:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61948 The appeals were filed by the revenue against the AAC's orders regarding the valuation of unquoted shares in Collis Line (P.) Ltd. The key issue was the valuation of ships under rule 1D of the Wealth-tax Rules, specifically the transfer of ships from Ambassador Steam Ships (P.) Ltd. to Collis Line (P.) Ltd. The AAC accepted using written down values for ship valuation, but the Tribunal disagreed, emphasizing valuing assets based on balance sheet figures. The Tribunal upheld the WTO's valuation method, stating that the book value in the balance sheet should be the primary basis for valuation. The appeals were allowed in favor of the revenue. Case-Laws Wealth-tax Sat, 31 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61948