https://www.taxtmi.com/caselaws?id=7409 The High Court held that the Wealth-tax Officer is not obligated to determine the net value of businesses under Section 7(2)(a) of the Wealth-tax Act, 1957, and has the discretion to value assets individually under Section 7(1) instead. The court ruled against the assessees, stating that the Officer can choose between the market value method or the balance-sheet method. The judgment clarified that the Officer's decision to value shares at market price was valid, rejecting the argument that shares should be valued based on balance-sheets. The court emphasized the Officer's discretion in choosing the valuation method. en-us Wed, 18 Sep 1968 00:00:00 +0530 Thu, 19 Feb 2009 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7409 The High Court held that the Wealth-tax Officer is not obligated to determine the net value of businesses under Section 7(2)(a) of the Wealth-tax Act, 1957, and has the discretion to value assets individually under Section 7(1) instead. The court ruled against the assessees, stating that the Officer can choose between the market value method or the balance-sheet method. The judgment clarified that the Officer's decision to value shares at market price was valid, rejecting the argument that shares should be valued based on balance-sheets. The court emphasized the Officer's discretion in choosing the valuation method. Case-Laws Wealth-tax Wed, 18 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7409