https://www.taxtmi.com/caselaws?id=5977 Rule 1D of the Wealth-tax Rules, 1957 governed the valuation of unquoted shares and could not be disregarded in favour of market value or another valuation method. Applying its earlier ruling, the Supreme Court held that the rule was not merely directory in the sense accepted by the High Court, so the valuation had to be made in accordance with that rule. The assessee's proposed method, the Tribunal's departure from rule 1D, and reliance on market value after 1967 were therefore unsustainable. The valuation questions were answered for the Revenue, and the appeal succeeded. en-us Thu, 21 Sep 2000 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5977 Rule 1D of the Wealth-tax Rules, 1957 governed the valuation of unquoted shares and could not be disregarded in favour of market value or another valuation method. Applying its earlier ruling, the Supreme Court held that the rule was not merely directory in the sense accepted by the High Court, so the valuation had to be made in accordance with that rule. The assessee's proposed method, the Tribunal's departure from rule 1D, and reliance on market value after 1967 were therefore unsustainable. The valuation questions were answered for the Revenue, and the appeal succeeded. Case-Laws Wealth-tax Thu, 21 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5977