https://www.taxtmi.com/caselaws?id=15974 Rule 1D of the Wealth-tax Rules was mandatory for valuing unquoted equity shares, and the Tribunal could not replace that prescribed method with a higher market-based valuation drawn from transactions during the relevant year. The later Supreme Court position made clear that, except for specified categories, unquoted equity shares must be valued in accordance with Rule 1D. On that basis, the Tribunal erred in disregarding the rule, and the valuation was held to favour the Revenue and not the assessee. en-us Thu, 19 Feb 1998 00:00:00 +0530 Mon, 31 Aug 2009 12:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15974 Rule 1D of the Wealth-tax Rules was mandatory for valuing unquoted equity shares, and the Tribunal could not replace that prescribed method with a higher market-based valuation drawn from transactions during the relevant year. The later Supreme Court position made clear that, except for specified categories, unquoted equity shares must be valued in accordance with Rule 1D. On that basis, the Tribunal erred in disregarding the rule, and the valuation was held to favour the Revenue and not the assessee. Case-Laws Wealth-tax Thu, 19 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15974