https://www.taxtmi.com/caselaws?id=22336 For valuation of unquoted shares under rule 1D of the Wealth-tax Rules, advance tax already paid and shown as a balance-sheet liability is not to be deducted again in computing break-up value. By contrast, a liability under section 23A of the 1922 Act, corresponding to section 104 of the 1961 Act, ceased to be deductible once the Tribunal cancelled it, because only liabilities subsisting on the valuation date can be taken into account even if a reference is pending. The reference was answered partly for the assessee and partly for the Revenue. en-us Wed, 20 Mar 1991 00:00:00 +0530 Wed, 09 Dec 2009 12:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22336 For valuation of unquoted shares under rule 1D of the Wealth-tax Rules, advance tax already paid and shown as a balance-sheet liability is not to be deducted again in computing break-up value. By contrast, a liability under section 23A of the 1922 Act, corresponding to section 104 of the 1961 Act, ceased to be deductible once the Tribunal cancelled it, because only liabilities subsisting on the valuation date can be taken into account even if a reference is pending. The reference was answered partly for the assessee and partly for the Revenue. Case-Laws Wealth-tax Wed, 20 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22336