https://www.taxtmi.com/caselaws?id=15883 The court ruled in favor of the Revenue in tax cases involving the valuation of unquoted equity shares under the Wealth-tax Act. The Supreme Court emphasized the mandatory nature of valuing such shares using the break-up method under rule 1D of the Wealth tax Rules, following the precedent set in Bharat Hari Singhania v. CWT. The court directed the Tribunal to refer common questions of law to the High Court, highlighting the compulsory application of the break-up method for valuing unquoted shares. This decision reinforces the importance of adhering to prescribed valuation methods to ensure consistency and compliance with statutory provisions in wealth tax assessments. en-us Mon, 17 Nov 1997 00:00:00 +0530 Sat, 29 Aug 2009 16:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15883 The court ruled in favor of the Revenue in tax cases involving the valuation of unquoted equity shares under the Wealth-tax Act. The Supreme Court emphasized the mandatory nature of valuing such shares using the break-up method under rule 1D of the Wealth tax Rules, following the precedent set in Bharat Hari Singhania v. CWT. The court directed the Tribunal to refer common questions of law to the High Court, highlighting the compulsory application of the break-up method for valuing unquoted shares. This decision reinforces the importance of adhering to prescribed valuation methods to ensure consistency and compliance with statutory provisions in wealth tax assessments. Case-Laws Wealth-tax Mon, 17 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15883