https://www.taxtmi.com/caselaws?id=20820 Under rule 1D of the Wealth-tax Rules, unquoted equity shares must be valued on the balance-sheet basis, and advance tax paid is excluded from assets under Explanation II(i)(a). The corresponding provision for taxation cannot remain at its gross figure, because Explanation II(ii)(e) requires the real tax liability to be worked out on a net basis by deducting advance tax paid, subject to the tax payable with reference to book profits. The valuation therefore had to reflect the net tax liability, and the question was answered against the assessee and in favour of the Revenue. en-us Tue, 02 Feb 1993 00:00:00 +0530 Tue, 17 Nov 2009 13:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20820 Under rule 1D of the Wealth-tax Rules, unquoted equity shares must be valued on the balance-sheet basis, and advance tax paid is excluded from assets under Explanation II(i)(a). The corresponding provision for taxation cannot remain at its gross figure, because Explanation II(ii)(e) requires the real tax liability to be worked out on a net basis by deducting advance tax paid, subject to the tax payable with reference to book profits. The valuation therefore had to reflect the net tax liability, and the question was answered against the assessee and in favour of the Revenue. Case-Laws Wealth-tax Tue, 02 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20820