https://www.taxtmi.com/caselaws?id=67592 The Tribunal considered whether gross profit rate alone could justify invoking Rule 2B(2) of the Wealth-tax Rules, 1957 on the footing that closing stock market value exceeded book value by more than 20 per cent. It held that gross profit rate was only an indicator and not conclusive proof of market value, so the issue depended on appreciation of evidence and the factual valuation matrix. On the facts, the Revenue had not established that the statutory threshold was crossed, and the matter did not require interpretation of the rule. No referable question of law arose because the determination was factual rather than legal. 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 considered whether gross profit rate alone could justify invoking Rule 2B(2) of the Wealth-tax Rules, 1957 on the footing that closing stock market value exceeded book value by more than 20 per cent. It held that gross profit rate was only an indicator and not conclusive proof of market value, so the issue depended on appreciation of evidence and the factual valuation matrix. On the facts, the Revenue had not established that the statutory threshold was crossed, and the matter did not require interpretation of the rule. No referable question of law arose because the determination was factual rather than legal. Case-Laws Wealth-tax Tue, 29 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67592