https://www.taxtmi.com/caselaws?id=19292 The High Court ruled against allowing the deduction of the supposed difference in depreciation from the asset value shown in the balance-sheet for the valuation of unquoted equity shares under rule 1D of the Wealth-tax Rules, 1957. The Court emphasized that deductions must be based on assets and liabilities as per the balance-sheet, and extra depreciation claimed by the assessee was not a liability shown in the balance-sheet. The Tribunal's decision to permit such deduction was deemed erroneous, favoring the Revenue in the case without awarding costs. en-us Tue, 13 Dec 1994 00:00:00 +0530 Thu, 05 Nov 2009 12:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19292 The High Court ruled against allowing the deduction of the supposed difference in depreciation from the asset value shown in the balance-sheet for the valuation of unquoted equity shares under rule 1D of the Wealth-tax Rules, 1957. The Court emphasized that deductions must be based on assets and liabilities as per the balance-sheet, and extra depreciation claimed by the assessee was not a liability shown in the balance-sheet. The Tribunal's decision to permit such deduction was deemed erroneous, favoring the Revenue in the case without awarding costs. Case-Laws Wealth-tax Tue, 13 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19292