https://www.taxtmi.com/caselaws?id=63578 Valuation of unquoted equity shares under Schedule III to the Wealth-tax Act requires consideration of notes annexed to the audited balance sheet, which form part of the balance sheet. For depreciable fixed assets, written-down value under the Income-tax Rules should be adopted where the notes disclose that basis, rather than relying solely on the balance-sheet figure affected by a change in depreciation method. Rules 11 and 14 are to be read harmoniously: liabilities are deducted from asset value and the resulting net value is apportioned over paid-up equity share capital. The declared share valuation based on this approach was accepted. 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 Valuation of unquoted equity shares under Schedule III to the Wealth-tax Act requires consideration of notes annexed to the audited balance sheet, which form part of the balance sheet. For depreciable fixed assets, written-down value under the Income-tax Rules should be adopted where the notes disclose that basis, rather than relying solely on the balance-sheet figure affected by a change in depreciation method. Rules 11 and 14 are to be read harmoniously: liabilities are deducted from asset value and the resulting net value is apportioned over paid-up equity share capital. The declared share valuation based on this approach was accepted. Case-Laws Wealth-tax Mon, 05 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63578