https://www.taxtmi.com/caselaws?id=17492 Under the wealth-tax share-valuation circulars, unquoted equity shares had to be valued on the basis of liabilities disclosed in the relevant accounts as part of the break-up value method. Estate duty liability could be deducted for later years where it appeared in the directors' report and profit and loss account, but not for the first year when it was not disclosed in any relevant account or report and notice of death alone was insufficient. The Court also held that the full estate duty finally determined could not be substituted into the valuation, and rejected any further deduction for notional tax on subsidiary profits because the circulars did not permit that additional allowance. en-us Wed, 14 Aug 1996 00:00:00 +0530 Tue, 22 Sep 2009 16:55:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17492 Under the wealth-tax share-valuation circulars, unquoted equity shares had to be valued on the basis of liabilities disclosed in the relevant accounts as part of the break-up value method. Estate duty liability could be deducted for later years where it appeared in the directors' report and profit and loss account, but not for the first year when it was not disclosed in any relevant account or report and notice of death alone was insufficient. The Court also held that the full estate duty finally determined could not be substituted into the valuation, and rejected any further deduction for notional tax on subsidiary profits because the circulars did not permit that additional allowance. Case-Laws Wealth-tax Wed, 14 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17492