https://www.taxtmi.com/caselaws?id=18914 For valuation of shares under the Wealth-tax Act, the mandatory break-up value method in rule 1D prevailed over adoption of market value on the yield method. The Supreme Court's ruling in Bharat Hari Singhania confirmed that fluctuations between the balance-sheet date and the valuation date do not make Explanation 1 to rule 1D inconsistent with section 7(1), and rule 1D applies even when those dates do not coincide. Because the earlier High Court view relied on by the Tribunal had been reversed, a question of law arose from the Tribunal's order, and the reference was answered against the assessee. en-us Wed, 18 Oct 1995 00:00:00 +0530 Mon, 02 Nov 2009 17:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18914 For valuation of shares under the Wealth-tax Act, the mandatory break-up value method in rule 1D prevailed over adoption of market value on the yield method. The Supreme Court's ruling in Bharat Hari Singhania confirmed that fluctuations between the balance-sheet date and the valuation date do not make Explanation 1 to rule 1D inconsistent with section 7(1), and rule 1D applies even when those dates do not coincide. Because the earlier High Court view relied on by the Tribunal had been reversed, a question of law arose from the Tribunal's order, and the reference was answered against the assessee. Case-Laws Wealth-tax Wed, 18 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18914