https://www.taxtmi.com/caselaws?id=17431 The High Court ruled in favor of the Revenue, directing the Tribunal to value shares for wealth tax assessment in accordance with rule 1D, not the yield method used by the assessee. The court clarified that advance tax payment, though shown as an asset, should be treated as a liability for valuation purposes. Emphasizing the importance of adhering to established rules and legal precedents, the judgment highlighted the need to determine the market value of assets, particularly unquoted equity shares, in compliance with wealth tax regulations. en-us Fri, 23 Aug 1996 00:00:00 +0530 Tue, 22 Sep 2009 13:24:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17431 The High Court ruled in favor of the Revenue, directing the Tribunal to value shares for wealth tax assessment in accordance with rule 1D, not the yield method used by the assessee. The court clarified that advance tax payment, though shown as an asset, should be treated as a liability for valuation purposes. Emphasizing the importance of adhering to established rules and legal precedents, the judgment highlighted the need to determine the market value of assets, particularly unquoted equity shares, in compliance with wealth tax regulations. Case-Laws Wealth-tax Fri, 23 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17431