https://www.taxtmi.com/caselaws?id=75299 The court ruled in favor of the Revenue and against the assessee in a case concerning the valuation of shares held in a company. The court emphasized the mandatory nature of rule 1D of the Wealth-tax Rules for valuing unquoted equity shares, rejecting deductions for capital gains tax or other expenses. It clarified that the Valuation Officer is bound by rule 1D and must adhere to its provisions without exceptions, affirming the validity of Explanation 1 to rule 1D as delegated legislation. Previous Supreme Court judgments were cited to support the decision. en-us Thu, 26 Feb 2009 00:00:00 +0530 Tue, 06 Apr 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75299 The court ruled in favor of the Revenue and against the assessee in a case concerning the valuation of shares held in a company. The court emphasized the mandatory nature of rule 1D of the Wealth-tax Rules for valuing unquoted equity shares, rejecting deductions for capital gains tax or other expenses. It clarified that the Valuation Officer is bound by rule 1D and must adhere to its provisions without exceptions, affirming the validity of Explanation 1 to rule 1D as delegated legislation. Previous Supreme Court judgments were cited to support the decision. Case-Laws Wealth-tax Thu, 26 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75299