https://www.taxtmi.com/caselaws?id=22318 Rule 1D of the Wealth-tax Rules and section 24(6) of the Wealth-tax Act operate in distinct fields: the rule governs the prescribed valuation method for unquoted shares, while the statutory provision concerns reference to valuers and is not displaced by the rule. The Department may rely on rule 1D in a reference even if it was not specifically advanced before the Tribunal, because the valuation framework itself brings the point into play. Valuers determining unquoted share value are bound to apply the method prescribed by rule 1D, and the reference was answered in favour of the Revenue on the material issues. en-us Thu, 07 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 11:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22318 Rule 1D of the Wealth-tax Rules and section 24(6) of the Wealth-tax Act operate in distinct fields: the rule governs the prescribed valuation method for unquoted shares, while the statutory provision concerns reference to valuers and is not displaced by the rule. The Department may rely on rule 1D in a reference even if it was not specifically advanced before the Tribunal, because the valuation framework itself brings the point into play. Valuers determining unquoted share value are bound to apply the method prescribed by rule 1D, and the reference was answered in favour of the Revenue on the material issues. Case-Laws Income Tax Thu, 07 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22318