https://www.taxtmi.com/caselaws?id=17038 In valuing unquoted equity shares under Rule 1D of the Wealth-tax Rules, 1957, the provision for taxation cannot be reduced by the advance tax paid. The High Court applied the principle that Rule 1D lays down an exhaustive valuation method for determining break-up value, so deductions not expressly authorised by the rule cannot be introduced while computing market value under Section 7(1) of the Wealth-tax Act, 1957. Amounts treated as contingent outgoings, including provision for taxation, are therefore not deductible merely because they may affect the company's accounts or a hypothetical sale value. The question was answered in the negative, in favour of the Revenue. en-us Thu, 18 Apr 1996 00:00:00 +0530 Mon, 14 Sep 2009 17:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17038 In valuing unquoted equity shares under Rule 1D of the Wealth-tax Rules, 1957, the provision for taxation cannot be reduced by the advance tax paid. The High Court applied the principle that Rule 1D lays down an exhaustive valuation method for determining break-up value, so deductions not expressly authorised by the rule cannot be introduced while computing market value under Section 7(1) of the Wealth-tax Act, 1957. Amounts treated as contingent outgoings, including provision for taxation, are therefore not deductible merely because they may affect the company's accounts or a hypothetical sale value. The question was answered in the negative, in favour of the Revenue. Case-Laws Income Tax Thu, 18 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17038