https://www.taxtmi.com/circulars?id=8866 Rule 1D of the Wealth-tax Rules sets the valuation method for unquoted equity shares and allows a discount of 25 per cent where companies have not paid dividends continuously for six accounting years. Revenue Audit found officers applying an incorrect discount from an outdated manual, causing under-assessments. A corrigendum had been issued but was not universally adopted. The Board directs a review of all similar cases to be completed by June 1972 and immediate remedial action, and requires Commissioners to inform all wealth-tax officers and ensure timely correction of errors. en-us Fri, 26 May 1972 00:00:00 +0530 Mon, 30 May 2011 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8866 Rule 1D of the Wealth-tax Rules sets the valuation method for unquoted equity shares and allows a discount of 25 per cent where companies have not paid dividends continuously for six accounting years. Revenue Audit found officers applying an incorrect discount from an outdated manual, causing under-assessments. A corrigendum had been issued but was not universally adopted. The Board directs a review of all similar cases to be completed by June 1972 and immediate remedial action, and requires Commissioners to inform all wealth-tax officers and ensure timely correction of errors. Circulars Income Tax Fri, 26 May 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8866