https://www.taxtmi.com/caselaws?id=14885 The High Court dismissed the application seeking directions to refer a question of law under section 27(3) of the Wealth-tax Act regarding the valuation of closing stock based on the gross profit rate declared by the assessee. The court held that the Revenue failed to prove that the market value of the closing stock exceeded the disclosed valuation by more than 20%, as required by rule 2B(2) of the Wealth-tax Rules. Previous decisions emphasized the Revenue's burden to demonstrate the discrepancy in valuation, leading to the consistent denial of the application and deletion of the addition to the assessee's net wealth. en-us Thu, 18 Mar 1999 00:00:00 +0530 Thu, 23 Jul 2009 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14885 The High Court dismissed the application seeking directions to refer a question of law under section 27(3) of the Wealth-tax Act regarding the valuation of closing stock based on the gross profit rate declared by the assessee. The court held that the Revenue failed to prove that the market value of the closing stock exceeded the disclosed valuation by more than 20%, as required by rule 2B(2) of the Wealth-tax Rules. Previous decisions emphasized the Revenue's burden to demonstrate the discrepancy in valuation, leading to the consistent denial of the application and deletion of the addition to the assessee's net wealth. Case-Laws Wealth-tax Thu, 18 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14885