https://www.taxtmi.com/caselaws?id=16823 The High Court of GAUHATI held that advance tax paid cannot be deducted from the provision made for tax payable on book profit for computing the market value of unquoted equity shares. Following the Supreme Court's interpretation in Bharat Hari Singhania v. CWT [1994] 207 ITR 1 (SC), the High Court ruled that advance tax should not be treated as an asset for the purpose of rule 1D. Consequently, the matter was remanded back to the Tribunal for disposal in line with the law and the Supreme Court's judgment. The Revenue's appeals were dismissed. en-us Thu, 05 Feb 1998 00:00:00 +0530 Sat, 12 Sep 2009 13:42:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16823 The High Court of GAUHATI held that advance tax paid cannot be deducted from the provision made for tax payable on book profit for computing the market value of unquoted equity shares. Following the Supreme Court's interpretation in Bharat Hari Singhania v. CWT [1994] 207 ITR 1 (SC), the High Court ruled that advance tax should not be treated as an asset for the purpose of rule 1D. Consequently, the matter was remanded back to the Tribunal for disposal in line with the law and the Supreme Court's judgment. The Revenue's appeals were dismissed. Case-Laws Wealth-tax Thu, 05 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16823