https://www.taxtmi.com/caselaws?id=67908 Rule 2B(2) of the Wealth-tax Rules, 1957 could be applied only on proof that the market value of the closing stock on the valuation date exceeded the value adopted for income-tax purposes by more than 20 per cent, and gross profit shown in the trading account was insufficient by itself to justify revaluation or enhance partners' wealth-tax liability. The assessees were also entitled to exemption under Section 5(1)(xxxii) of the Wealth-tax Act, 1957 in respect of their interest in the firm engaged in processing precious stones, as the activity remained within the exempted business category on the facts. The deletion of the jewellery addition was sustained because no different factual basis was shown. en-us Mon, 13 Jan 1986 00:00:00 +0530 Tue, 15 Mar 2011 12:37:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67908 Rule 2B(2) of the Wealth-tax Rules, 1957 could be applied only on proof that the market value of the closing stock on the valuation date exceeded the value adopted for income-tax purposes by more than 20 per cent, and gross profit shown in the trading account was insufficient by itself to justify revaluation or enhance partners' wealth-tax liability. The assessees were also entitled to exemption under Section 5(1)(xxxii) of the Wealth-tax Act, 1957 in respect of their interest in the firm engaged in processing precious stones, as the activity remained within the exempted business category on the facts. The deletion of the jewellery addition was sustained because no different factual basis was shown. Case-Laws Wealth-tax Mon, 13 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67908