https://www.taxtmi.com/caselaws?id=17100 The High Court of Kerala affirmed the validity of reopening the assessment under section 17(1)(a) of the Wealth-tax Act for the assessment year 1972-73. It ruled against excluding advance tax payment in determining the market value of unquoted equity shares, emphasizing strict adherence to rule 1D for valuation. The court highlighted the importance of full disclosure by the assessee and upheld the apex court's decision in Bharat Hari Singhania v. CWT regarding the valuation of unquoted equity shares. The judgment directed the case to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, for further proceedings. en-us Tue, 06 Aug 1996 00:00:00 +0530 Tue, 15 Sep 2009 12:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17100 The High Court of Kerala affirmed the validity of reopening the assessment under section 17(1)(a) of the Wealth-tax Act for the assessment year 1972-73. It ruled against excluding advance tax payment in determining the market value of unquoted equity shares, emphasizing strict adherence to rule 1D for valuation. The court highlighted the importance of full disclosure by the assessee and upheld the apex court's decision in Bharat Hari Singhania v. CWT regarding the valuation of unquoted equity shares. The judgment directed the case to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, for further proceedings. Case-Laws Wealth-tax Tue, 06 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17100