https://www.taxtmi.com/caselaws?id=67443 Rule 2B(2) permits enhancement of closing-stock valuation only where acceptable evidence establishes that market value exceeded book value by more than 20%; a gross profit rate above that level is insufficient. The revenue bears the burden of proving this condition before departing from balance-sheet valuation, and provisions of the Indian Evidence Act do not shift that burden without prior enquiry and supporting material. Cutting and polishing imported rough emeralds into finished emeralds qualifies as industrial manufacture for wealth-tax exemption. Tax liability arising under the Voluntary Disclosure Scheme is deductible where supported by binding authority. en-us Fri, 24 Aug 1984 00:00:00 +0530 Thu, 10 Mar 2011 16:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67443 Rule 2B(2) permits enhancement of closing-stock valuation only where acceptable evidence establishes that market value exceeded book value by more than 20%; a gross profit rate above that level is insufficient. The revenue bears the burden of proving this condition before departing from balance-sheet valuation, and provisions of the Indian Evidence Act do not shift that burden without prior enquiry and supporting material. Cutting and polishing imported rough emeralds into finished emeralds qualifies as industrial manufacture for wealth-tax exemption. Tax liability arising under the Voluntary Disclosure Scheme is deductible where supported by binding authority. Case-Laws Wealth-tax Fri, 24 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67443