https://www.taxtmi.com/caselaws?id=14397 Under rule 1D's mandatory break-up method for valuing unquoted equity shares, the provision for taxation could not be reduced by advance tax payable under section 210 of the Income-tax Act; the valuation had to follow the prescribed method as written, and the assessee's claim failed. The compulsory deposit balance was also held to form part of taxable wealth because it was repayable with interest after the prescribed period and therefore constituted property and an asset within section 2(e) of the Wealth-tax Act. Both issues were resolved in favour of the Revenue. en-us Tue, 28 Nov 2000 00:00:00 +0530 Wed, 15 Jul 2009 16:05:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14397 Under rule 1D's mandatory break-up method for valuing unquoted equity shares, the provision for taxation could not be reduced by advance tax payable under section 210 of the Income-tax Act; the valuation had to follow the prescribed method as written, and the assessee's claim failed. The compulsory deposit balance was also held to form part of taxable wealth because it was repayable with interest after the prescribed period and therefore constituted property and an asset within section 2(e) of the Wealth-tax Act. Both issues were resolved in favour of the Revenue. Case-Laws Wealth-tax Tue, 28 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14397