https://www.taxtmi.com/caselaws?id=22857 Rule 1D of the Wealth-tax Rules, 1957 prescribes the mandatory method for valuing unquoted equity shares under the wealth-tax scheme. The rule requires valuation by the break-up value approach, and the Wealth-tax Officer has no discretion to ignore it or substitute another basis, such as a later sale price, for earlier assessment years. In the absence of material showing a different permissible valuation basis, the statutory rule must be applied to determine market value. The stated conclusion is that Rule 1D is binding in the valuation of unquoted shares and the issue is answered against the assessee. en-us Mon, 15 Oct 1990 00:00:00 +0530 Mon, 14 Dec 2009 15:59:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22857 Rule 1D of the Wealth-tax Rules, 1957 prescribes the mandatory method for valuing unquoted equity shares under the wealth-tax scheme. The rule requires valuation by the break-up value approach, and the Wealth-tax Officer has no discretion to ignore it or substitute another basis, such as a later sale price, for earlier assessment years. In the absence of material showing a different permissible valuation basis, the statutory rule must be applied to determine market value. The stated conclusion is that Rule 1D is binding in the valuation of unquoted shares and the issue is answered against the assessee. Case-Laws Wealth-tax Mon, 15 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22857