https://www.taxtmi.com/caselaws?id=21415 Rule 1D of the Wealth-tax Rules, 1957, prescribing the break-up value method for valuing unquoted equity shares, was examined against section 7(1) of the Wealth-tax Act, 1957 and entry 86 of List I of the Seventh Schedule. The Calcutta High Court noted that the amended valuation scheme permits rules for determining market value and that the Board's rule-making power extended to the prescribed method. It also observed that earlier Supreme Court rulings did not exclude break-up value in every case, but recognised it as one acceptable method, particularly where asset-based valuation is relevant. The rule was upheld as intra vires, with no unconstitutional discrimination shown. en-us Mon, 22 Jul 1991 00:00:00 +0530 Tue, 24 Nov 2009 12:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21415 Rule 1D of the Wealth-tax Rules, 1957, prescribing the break-up value method for valuing unquoted equity shares, was examined against section 7(1) of the Wealth-tax Act, 1957 and entry 86 of List I of the Seventh Schedule. The Calcutta High Court noted that the amended valuation scheme permits rules for determining market value and that the Board's rule-making power extended to the prescribed method. It also observed that earlier Supreme Court rulings did not exclude break-up value in every case, but recognised it as one acceptable method, particularly where asset-based valuation is relevant. The rule was upheld as intra vires, with no unconstitutional discrimination shown. Case-Laws Wealth-tax Mon, 22 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21415