https://www.taxtmi.com/caselaws?id=18165 For valuation of unquoted shares under the prescribed wealth-tax rule, a provision for taxation could not be deducted in computing break-up value because only authorised deductions were permissible; the Revenue succeeded on this point. By contrast, an amount deposited under the compulsory deposit scheme was statutorily treated as a deposit with a banking company, so it fell within the wealth-tax exemption for such deposits and was excluded from taxable wealth; the assessee succeeded on this point. The reference was therefore answered with a mixed outcome, rejecting the share-valuation deduction claim while excluding the compulsory deposit from net wealth. en-us Thu, 27 Jun 1996 00:00:00 +0530 Tue, 29 Sep 2009 12:51:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18165 For valuation of unquoted shares under the prescribed wealth-tax rule, a provision for taxation could not be deducted in computing break-up value because only authorised deductions were permissible; the Revenue succeeded on this point. By contrast, an amount deposited under the compulsory deposit scheme was statutorily treated as a deposit with a banking company, so it fell within the wealth-tax exemption for such deposits and was excluded from taxable wealth; the assessee succeeded on this point. The reference was therefore answered with a mixed outcome, rejecting the share-valuation deduction claim while excluding the compulsory deposit from net wealth. Case-Laws Wealth-tax Thu, 27 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18165