https://www.taxtmi.com/caselaws?id=70423 Rule 1-D of the Wealth-tax Rules, 1957 on valuation of unquoted shares was treated as directory rather than mandatory, so a recognised alternative valuation method could not be rejected merely for not following the break-up method. Estate duty liability was also treated as a deductible debt in computing net wealth under section 2(m) once the taxable event of death occurred and the obligation crystallised, even if the amount was quantified later. The text further notes that section 2(m)(iii) did not bar the deduction where no estate duty order had been passed before the relevant valuation date, and the wealth computation additions were therefore not sustained. en-us Mon, 22 Jul 1991 00:00:00 +0530 Sat, 16 Apr 2011 10:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70423 Rule 1-D of the Wealth-tax Rules, 1957 on valuation of unquoted shares was treated as directory rather than mandatory, so a recognised alternative valuation method could not be rejected merely for not following the break-up method. Estate duty liability was also treated as a deductible debt in computing net wealth under section 2(m) once the taxable event of death occurred and the obligation crystallised, even if the amount was quantified later. The text further notes that section 2(m)(iii) did not bar the deduction where no estate duty order had been passed before the relevant valuation date, and the wealth computation additions were therefore not sustained. Case-Laws Wealth-tax Mon, 22 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70423