https://www.taxtmi.com/caselaws?id=15663 The High Court of Madras held that the sales tax penalty liability, though later cancelled, should be considered as a liability for valuing unquoted equity shares under rule 1D of the Wealth-tax Rules. The Court emphasized that the liability existing on the valuation date must be factored into share valuation to prevent distorted assessments. The Tribunal was directed to reassess the quantum of the sales tax penalty liability on the valuation date, instructing the Wealth-tax Officer to determine share value accordingly. The judgment stresses the importance of considering post-valuation date events in accurately valuing unquoted equity shares. en-us Thu, 11 Dec 1997 00:00:00 +0530 Wed, 26 Aug 2009 17:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15663 The High Court of Madras held that the sales tax penalty liability, though later cancelled, should be considered as a liability for valuing unquoted equity shares under rule 1D of the Wealth-tax Rules. The Court emphasized that the liability existing on the valuation date must be factored into share valuation to prevent distorted assessments. The Tribunal was directed to reassess the quantum of the sales tax penalty liability on the valuation date, instructing the Wealth-tax Officer to determine share value accordingly. The judgment stresses the importance of considering post-valuation date events in accurately valuing unquoted equity shares. Case-Laws Wealth-tax Thu, 11 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15663