https://www.taxtmi.com/caselaws?id=20407 The court upheld the Tribunal's decision that certain shares were correctly classified as unquoted shares due to the absence of regular transactions, affirming in favor of the Revenue. Additionally, the court ruled that rule 1D of the Wealth-tax Rules must prevail over section 7(1) of the Wealth-tax Act, emphasizing the mandatory nature of rule 1D in valuing unquoted equity shares. The judgment highlights the significance of regular transactions for shares to be deemed "regularly quoted" and underscores the obligatory compliance with rule 1D for valuation purposes. en-us Fri, 19 Feb 1993 00:00:00 +0530 Fri, 13 Nov 2009 17:12:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20407 The court upheld the Tribunal's decision that certain shares were correctly classified as unquoted shares due to the absence of regular transactions, affirming in favor of the Revenue. Additionally, the court ruled that rule 1D of the Wealth-tax Rules must prevail over section 7(1) of the Wealth-tax Act, emphasizing the mandatory nature of rule 1D in valuing unquoted equity shares. The judgment highlights the significance of regular transactions for shares to be deemed "regularly quoted" and underscores the obligatory compliance with rule 1D for valuation purposes. Case-Laws Wealth-tax Fri, 19 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20407