https://www.taxtmi.com/caselaws?id=22456 The court ruled in favor of the Revenue, holding that the assessee was not entitled to deduct the estimated amount of capital gains tax while valuing shares for wealth-tax purposes. The court emphasized that the asset's value should be based on the price it would fetch in an open market without considering notional capital gains tax. The decision was supported by precedents from the Supreme Court and High Courts, distinguishing between actual sale expenses and statutory liabilities in asset valuation. Both judges concurred with the judgment, and no costs were awarded. en-us Mon, 18 Feb 1991 00:00:00 +0530 Thu, 10 Dec 2009 12:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22456 The court ruled in favor of the Revenue, holding that the assessee was not entitled to deduct the estimated amount of capital gains tax while valuing shares for wealth-tax purposes. The court emphasized that the asset's value should be based on the price it would fetch in an open market without considering notional capital gains tax. The decision was supported by precedents from the Supreme Court and High Courts, distinguishing between actual sale expenses and statutory liabilities in asset valuation. Both judges concurred with the judgment, and no costs were awarded. Case-Laws Wealth-tax Mon, 18 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22456