https://www.taxtmi.com/caselaws?id=21753 The Tribunal reversed the Wealth-tax Officer's and Commissioner's orders, upholding the use of Poona Stock Exchange quotations for the valuation of quoted equity shares of limited companies. The High Court emphasized the importance of basing share valuation on the price prevailing on the base date unless there are compelling reasons not to do so. Regarding the valuation of the assessee's interest in partnership firms, the court upheld the Tribunal's decision that tax payable should mean gross tax without deducting advance tax paid, in line with previous High Court decisions and jurisdictional court rulings. Applications were dismissed without issuing a rule. en-us Tue, 26 Nov 1991 00:00:00 +0530 Fri, 27 Nov 2009 14:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21753 The Tribunal reversed the Wealth-tax Officer's and Commissioner's orders, upholding the use of Poona Stock Exchange quotations for the valuation of quoted equity shares of limited companies. The High Court emphasized the importance of basing share valuation on the price prevailing on the base date unless there are compelling reasons not to do so. Regarding the valuation of the assessee's interest in partnership firms, the court upheld the Tribunal's decision that tax payable should mean gross tax without deducting advance tax paid, in line with previous High Court decisions and jurisdictional court rulings. Applications were dismissed without issuing a rule. Case-Laws Wealth-tax Tue, 26 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21753