https://www.taxtmi.com/caselaws?id=69387 While valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, advance tax paid by the company was to be excluded from the asset side without making a corresponding reduction from the provision for taxation shown as a liability. The Tribunal accepted that tax payable with reference to book profits could not be reduced by the amount of advance tax already paid and left out of consideration in the valuation exercise, and treated that approach as consistent with its earlier view and supported by Bombay High Court authority. On that basis, the valuation adopted by the lower authority was upheld. en-us Tue, 23 Jun 1987 00:00:00 +0530 Wed, 06 Apr 2011 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69387 While valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, advance tax paid by the company was to be excluded from the asset side without making a corresponding reduction from the provision for taxation shown as a liability. The Tribunal accepted that tax payable with reference to book profits could not be reduced by the amount of advance tax already paid and left out of consideration in the valuation exercise, and treated that approach as consistent with its earlier view and supported by Bombay High Court authority. On that basis, the valuation adopted by the lower authority was upheld. Case-Laws Wealth-tax Tue, 23 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69387