https://www.taxtmi.com/caselaws?id=247778 The High Court ruled in favor of the Revenue, setting aside the decisions of the CIT(A) and the Tribunal. It found that the assessee did not apply consistent valuation methods and failed to comply with RBI guidelines. The valuation of shares of Offshore India Ltd. was deemed unjustified, supporting the Revenue's claim of tax evasion. The court directed the valuation to be done in accordance with the law, considering the Explanation to Rule 11 of the 3rd Schedule to the Wealth Tax Act, 1957. en-us Mon, 10 Mar 2014 00:00:00 +0530 Thu, 22 May 2014 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247778 The High Court ruled in favor of the Revenue, setting aside the decisions of the CIT(A) and the Tribunal. It found that the assessee did not apply consistent valuation methods and failed to comply with RBI guidelines. The valuation of shares of Offshore India Ltd. was deemed unjustified, supporting the Revenue's claim of tax evasion. The court directed the valuation to be done in accordance with the law, considering the Explanation to Rule 11 of the 3rd Schedule to the Wealth Tax Act, 1957. Case-Laws Income Tax Mon, 10 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247778