https://www.taxtmi.com/caselaws?id=67592 The Tribunal concluded that Rule 2B(2) of the Wealth Tax Rules could not be invoked based solely on the gross profit rate to determine the net wealth of the firm. It held that the gross profit rate does not reflect the market value of the closing stock accurately. The Tribunal emphasized that the department failed to provide sufficient evidence to prove that the market value exceeded the book value by more than 20%. As a result, the Tribunal rejected the revenue's reference applications, as the issues raised were deemed findings of fact without any referable question of law. en-us Tue, 29 Sep 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:47:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67592 The Tribunal concluded that Rule 2B(2) of the Wealth Tax Rules could not be invoked based solely on the gross profit rate to determine the net wealth of the firm. It held that the gross profit rate does not reflect the market value of the closing stock accurately. The Tribunal emphasized that the department failed to provide sufficient evidence to prove that the market value exceeded the book value by more than 20%. As a result, the Tribunal rejected the revenue's reference applications, as the issues raised were deemed findings of fact without any referable question of law. Case-Laws Wealth-tax Tue, 29 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67592