https://www.taxtmi.com/caselaws?id=63648 The case analyzed whether a gross profit rate of 33.68% for the assessment year 1975-76 justified invoking Rule 2B(2) of the Wealth-tax Rules due to a discrepancy in the market value of closing stock. The court ruled that the gross profit rate alone was insufficient to establish a market value exceeding 20% of the book value, emphasizing the need for additional evidence to support such claims. The burden of proof was held to shift to the assessee once the tax authority established a prima facie case, which was not successfully countered in this instance. The case was remanded for further proceedings. en-us Thu, 11 Aug 1983 00:00:00 +0530 Tue, 01 Feb 2011 12:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63648 The case analyzed whether a gross profit rate of 33.68% for the assessment year 1975-76 justified invoking Rule 2B(2) of the Wealth-tax Rules due to a discrepancy in the market value of closing stock. The court ruled that the gross profit rate alone was insufficient to establish a market value exceeding 20% of the book value, emphasizing the need for additional evidence to support such claims. The burden of proof was held to shift to the assessee once the tax authority established a prima facie case, which was not successfully countered in this instance. The case was remanded for further proceedings. Case-Laws Wealth-tax Thu, 11 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63648