https://www.taxtmi.com/caselaws?id=63578 The Tribunal held in favor of the assessees, directing the AO to accept the declared value of unquoted equity shares at Rs. 339 per share. It emphasized the importance of considering the notes annexed to the balance sheet for valuation purposes. The Tribunal also ruled that the written down value as per Income Tax Rules should be adopted for asset valuation, rejecting the AO's valuation based on a different method of depreciation. The judgment favored the assessees' valuation method, emphasizing adherence to Schedule III of the Wealth Tax Act. en-us Mon, 05 Oct 1998 00:00:00 +0530 Mon, 31 Jan 2011 18:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63578 The Tribunal held in favor of the assessees, directing the AO to accept the declared value of unquoted equity shares at Rs. 339 per share. It emphasized the importance of considering the notes annexed to the balance sheet for valuation purposes. The Tribunal also ruled that the written down value as per Income Tax Rules should be adopted for asset valuation, rejecting the AO's valuation based on a different method of depreciation. The judgment favored the assessees' valuation method, emphasizing adherence to Schedule III of the Wealth Tax Act. Case-Laws Wealth-tax Mon, 05 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63578