https://www.taxtmi.com/caselaws?id=19820 The Tribunal's decision to allow adjustments for outstanding dues in determining the value of the assessee's share in the firm was upheld. The court emphasized that the value of a debt on the valuation date should guide the Wealth-tax Officer's decision, even if not classified as a bad debt under the Income-tax Act. Regarding the deduction of gratuity liability while determining the market value of shares, the court held that gratuity liability should not be deducted. The first issue was decided in favor of the assessee, while the second was decided in favor of the Revenue, with no costs awarded. en-us Tue, 09 Nov 1993 00:00:00 +0530 Mon, 09 Nov 2009 18:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19820 The Tribunal's decision to allow adjustments for outstanding dues in determining the value of the assessee's share in the firm was upheld. The court emphasized that the value of a debt on the valuation date should guide the Wealth-tax Officer's decision, even if not classified as a bad debt under the Income-tax Act. Regarding the deduction of gratuity liability while determining the market value of shares, the court held that gratuity liability should not be deducted. The first issue was decided in favor of the assessee, while the second was decided in favor of the Revenue, with no costs awarded. Case-Laws Wealth-tax Tue, 09 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19820