https://www.taxtmi.com/caselaws?id=10611 The High Court of Allahabad ruled in favor of the Revenue and against the assessee in a case concerning the interpretation of rule 1D of the Wealth-tax Rules. The court held that the Tribunal erred in allowing a deduction for deferred cane price liability, not reflected in the company's balance-sheet, as it did not meet the requirements of the rule. The judgment emphasized the importance of adhering to the specific provisions of the rule when determining the value of unquoted equity shares and highlighted the significance of balance-sheet disclosures in the valuation process. en-us Wed, 10 Nov 2004 00:00:00 +0530 Mon, 20 Jul 2009 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10611 The High Court of Allahabad ruled in favor of the Revenue and against the assessee in a case concerning the interpretation of rule 1D of the Wealth-tax Rules. The court held that the Tribunal erred in allowing a deduction for deferred cane price liability, not reflected in the company's balance-sheet, as it did not meet the requirements of the rule. The judgment emphasized the importance of adhering to the specific provisions of the rule when determining the value of unquoted equity shares and highlighted the significance of balance-sheet disclosures in the valuation process. Case-Laws Wealth-tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10611