https://www.taxtmi.com/caselaws?id=16264 The case involved a dispute over the valuation of unquoted shares of a private limited company for wealth tax assessment. The issue was whether advance tax paid under the Income-tax Act, 1961, and shown on the balance-sheet could be deducted when valuing the shares. The Supreme Court ruled that rule 1D of the Wealth-tax Rules, 1957, must be followed, disallowing deductions like advance tax. The Court clarified that advance tax should not be considered a liability for valuation purposes, aligning with previous judgments. The High Court upheld the Revenue's position, ruling against the assessee and directing valuation without deducting advance tax, in accordance with rule 1D. en-us Thu, 16 Apr 1998 00:00:00 +0530 Fri, 04 Sep 2009 17:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16264 The case involved a dispute over the valuation of unquoted shares of a private limited company for wealth tax assessment. The issue was whether advance tax paid under the Income-tax Act, 1961, and shown on the balance-sheet could be deducted when valuing the shares. The Supreme Court ruled that rule 1D of the Wealth-tax Rules, 1957, must be followed, disallowing deductions like advance tax. The Court clarified that advance tax should not be considered a liability for valuation purposes, aligning with previous judgments. The High Court upheld the Revenue's position, ruling against the assessee and directing valuation without deducting advance tax, in accordance with rule 1D. Case-Laws Wealth-tax Thu, 16 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16264