https://www.taxtmi.com/caselaws?id=8601 In valuing unquoted shares of an insurance company under the Wealth-tax Act, the open-market value must be derived from the balance sheet with appropriate adjustments. A reserve for unexpired risks, required under insurance law and regulations, represents a commercially certain liability linked to future claims and is therefore a provision against a known liability, not an appropriation of surplus profits or a revenue reserve. That amount must be excluded from share valuation, although general reserves and surplus may be considered and the face value of shares alone is not the proper basis. en-us Mon, 28 Feb 1972 00:00:00 +0530 Tue, 05 May 2009 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8601 In valuing unquoted shares of an insurance company under the Wealth-tax Act, the open-market value must be derived from the balance sheet with appropriate adjustments. A reserve for unexpired risks, required under insurance law and regulations, represents a commercially certain liability linked to future claims and is therefore a provision against a known liability, not an appropriation of surplus profits or a revenue reserve. That amount must be excluded from share valuation, although general reserves and surplus may be considered and the face value of shares alone is not the proper basis. Case-Laws Wealth-tax Mon, 28 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8601