https://www.taxtmi.com/caselaws?id=13836 The court held that only the latest published balance-sheet available on the valuation date should be considered for valuing unquoted equity shares under the Wealth-tax Act. It determined that Rule 1D of the Wealth-tax Rules is mandatory, rejecting the Tribunal's view that it was directory. The court clarified that only liabilities explicitly mentioned in the balance-sheet should be considered, overturning the Tribunal's decision to include liabilities from directors' reports. Additionally, the court ruled that only the excess of tax payable over book profits should be deducted, not the entire provision for taxation. The Tribunal was directed to reconsider cases based on these principles. en-us Wed, 24 Dec 1997 00:00:00 +0530 Fri, 03 Jul 2009 11:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13836 The court held that only the latest published balance-sheet available on the valuation date should be considered for valuing unquoted equity shares under the Wealth-tax Act. It determined that Rule 1D of the Wealth-tax Rules is mandatory, rejecting the Tribunal's view that it was directory. The court clarified that only liabilities explicitly mentioned in the balance-sheet should be considered, overturning the Tribunal's decision to include liabilities from directors' reports. Additionally, the court ruled that only the excess of tax payable over book profits should be deducted, not the entire provision for taxation. The Tribunal was directed to reconsider cases based on these principles. Case-Laws Wealth-tax Wed, 24 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13836