https://www.taxtmi.com/caselaws?id=67892 Rule 2B(2) of the Wealth-tax Rules applies only where the revenue proves that the market value of closing stock exceeds book value by more than 20%; a gross profit rate above 20% by itself is insufficient, and the burden remains on the revenue to establish the statutory threshold with acceptable evidence. Cutting, polishing and selling emeralds was treated as manufacture, so the business qualified as an industrial undertaking for exemption under section 5(1)(xxxii) of the Wealth-tax Act. Liability arising from disclosure under the Voluntary Disclosure Scheme was treated as a deductible tax liability. On these principles, the assessee succeeded and the wealth-tax additions and disallowances were not restored. en-us Fri, 24 Aug 1984 00:00:00 +0530 Tue, 15 Mar 2011 11:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67892 Rule 2B(2) of the Wealth-tax Rules applies only where the revenue proves that the market value of closing stock exceeds book value by more than 20%; a gross profit rate above 20% by itself is insufficient, and the burden remains on the revenue to establish the statutory threshold with acceptable evidence. Cutting, polishing and selling emeralds was treated as manufacture, so the business qualified as an industrial undertaking for exemption under section 5(1)(xxxii) of the Wealth-tax Act. Liability arising from disclosure under the Voluntary Disclosure Scheme was treated as a deductible tax liability. On these principles, the assessee succeeded and the wealth-tax additions and disallowances were not restored. Case-Laws Wealth-tax Fri, 24 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67892