https://www.taxtmi.com/caselaws?id=21964 The High Court dismissed the reference application under section 27(3) of the Wealth-tax Act for the assessment year 1975-76. The court upheld the Tribunal's decision regarding the interpretation of rule 2B(2) of the Wealth-tax Rules, emphasizing the Department's burden to prove market value exceeding the balance-sheet value by over 20% before applying the rule. Additionally, the court affirmed the Tribunal's ruling on the inapplicability of rule 2B(2) due to insufficient evidence beyond the gross profit rate. The assessee was granted exemption under section 5(1)(xxxii) concerning investments in a specific firm. The judgment prioritized judicial efficiency and avoided redundant references on settled legal issues. en-us Fri, 02 Feb 1990 00:00:00 +0530 Sat, 05 Dec 2009 11:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21964 The High Court dismissed the reference application under section 27(3) of the Wealth-tax Act for the assessment year 1975-76. The court upheld the Tribunal's decision regarding the interpretation of rule 2B(2) of the Wealth-tax Rules, emphasizing the Department's burden to prove market value exceeding the balance-sheet value by over 20% before applying the rule. Additionally, the court affirmed the Tribunal's ruling on the inapplicability of rule 2B(2) due to insufficient evidence beyond the gross profit rate. The assessee was granted exemption under section 5(1)(xxxii) concerning investments in a specific firm. The judgment prioritized judicial efficiency and avoided redundant references on settled legal issues. Case-Laws Wealth-tax Fri, 02 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21964