https://www.taxtmi.com/caselaws?id=63365 The Tribunal ruled in favor of the assessee, concluding that the gross profit rate alone was insufficient to invoke Rule 2B(2) of the Wealth-tax Rules, 1957. The revenue's valuation method was rejected, and the deletion of the addition by the AAC was upheld. The appeals by the revenue were considered allowed only for statistical purposes, highlighting the necessity for more concrete evidence to establish market value exceeding the book value by more than 20%. en-us Thu, 11 Aug 1983 00:00:00 +0530 Sat, 29 Jan 2011 16:01:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63365 The Tribunal ruled in favor of the assessee, concluding that the gross profit rate alone was insufficient to invoke Rule 2B(2) of the Wealth-tax Rules, 1957. The revenue's valuation method was rejected, and the deletion of the addition by the AAC was upheld. The appeals by the revenue were considered allowed only for statistical purposes, highlighting the necessity for more concrete evidence to establish market value exceeding the book value by more than 20%. Case-Laws Wealth-tax Thu, 11 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63365