https://www.taxtmi.com/caselaws?id=22679 The court upheld the Tribunal's decision that the balance-sheet value, reflecting depreciation computed on the straight-line method, should be used for valuing unquoted shares for wealth-tax purposes. The directors' report containing depreciation details as per the Income-tax Rules does not form part of the balance-sheet and cannot be considered for valuation adjustments. The court's decision aligns with the provisions of the Wealth-tax Act, the Companies Act, and relevant judicial precedents, affirming the balance-sheet as the primary basis for asset valuation. The question referred to the court was answered in favor of the Revenue, with costs awarded to the Revenue. en-us Wed, 23 Jan 1991 00:00:00 +0530 Sat, 12 Dec 2009 12:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22679 The court upheld the Tribunal's decision that the balance-sheet value, reflecting depreciation computed on the straight-line method, should be used for valuing unquoted shares for wealth-tax purposes. The directors' report containing depreciation details as per the Income-tax Rules does not form part of the balance-sheet and cannot be considered for valuation adjustments. The court's decision aligns with the provisions of the Wealth-tax Act, the Companies Act, and relevant judicial precedents, affirming the balance-sheet as the primary basis for asset valuation. The question referred to the court was answered in favor of the Revenue, with costs awarded to the Revenue. Case-Laws Wealth-tax Wed, 23 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22679