https://www.taxtmi.com/caselaws?id=14730 The High Court upheld the Tribunal's decision, emphasizing the mandatory nature of rule 1D for valuing unquoted shares and affirming the non-deductibility of a debt from the assessee's net wealth under section 2(m)(ii) of the Wealth-tax Act, 1957. The court supported the Assessing Officer's valuation based on rule 1D and agreed that the debt was not deductible as it related to shares not subject to wealth tax. The judgment favored the Revenue in both aspects, with Arijit Pasayat, C.J., and D. K. Jain presiding. en-us Tue, 04 Jul 2000 00:00:00 +0530 Sun, 06 Feb 2011 05:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14730 The High Court upheld the Tribunal's decision, emphasizing the mandatory nature of rule 1D for valuing unquoted shares and affirming the non-deductibility of a debt from the assessee's net wealth under section 2(m)(ii) of the Wealth-tax Act, 1957. The court supported the Assessing Officer's valuation based on rule 1D and agreed that the debt was not deductible as it related to shares not subject to wealth tax. The judgment favored the Revenue in both aspects, with Arijit Pasayat, C.J., and D. K. Jain presiding. Case-Laws Wealth-tax Tue, 04 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14730