https://www.taxtmi.com/caselaws?id=21749 The court affirmed the interpretation that the provision for taxation in the balance sheet should only include the gross tax payable with reference to the book profits, excluding any excess provision or advance tax paid. It rejected the applications under section 27(3) of the Wealth-tax Act regarding the valuation of unquoted equity shares, emphasizing strict construction of tax laws without room for equity. The court upheld the exclusion of advance tax from the provision for taxation, in line with the precedent set by the Bombay High Court, despite conflicting views among different High Courts. en-us Mon, 18 Nov 1991 00:00:00 +0530 Fri, 27 Nov 2009 14:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21749 The court affirmed the interpretation that the provision for taxation in the balance sheet should only include the gross tax payable with reference to the book profits, excluding any excess provision or advance tax paid. It rejected the applications under section 27(3) of the Wealth-tax Act regarding the valuation of unquoted equity shares, emphasizing strict construction of tax laws without room for equity. The court upheld the exclusion of advance tax from the provision for taxation, in line with the precedent set by the Bombay High Court, despite conflicting views among different High Courts. Case-Laws Wealth-tax Mon, 18 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21749