https://www.taxtmi.com/caselaws?id=70747 In wealth-tax valuation, compulsory deposits under the Compulsory Deposit Scheme were treated as deposits with a banking company and the exemption claim failed. For quoted shares, where quotations existed on more than one recognised stock exchange and no statutory preference was prescribed, the quotation most faithfully reflecting open-market value on the valuation date could be adopted; on these facts, Poona Stock Exchange quotations were preferred. For interests in partnership firms or associations of persons, the rules did not permit reduction of provision for taxation by advance tax already paid by the firm, so the gross provision remained deductible only as provided by the rules. en-us Tue, 28 Nov 1989 00:00:00 +0530 Tue, 19 Apr 2011 10:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70747 In wealth-tax valuation, compulsory deposits under the Compulsory Deposit Scheme were treated as deposits with a banking company and the exemption claim failed. For quoted shares, where quotations existed on more than one recognised stock exchange and no statutory preference was prescribed, the quotation most faithfully reflecting open-market value on the valuation date could be adopted; on these facts, Poona Stock Exchange quotations were preferred. For interests in partnership firms or associations of persons, the rules did not permit reduction of provision for taxation by advance tax already paid by the firm, so the gross provision remained deductible only as provided by the rules. Case-Laws Wealth-tax Tue, 28 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70747