https://www.taxtmi.com/caselaws?id=23256 Rule 2B(2) of the Wealth-tax Rules could not be invoked merely from a firm's gross profit rate, because gross profit figures alone do not provide positive material for determining market value of closing stock. The Revenue had to establish that the declared balance-sheet value was understated and that market value exceeded it by more than 20% before the rule could operate. On that principle, the burden rested on the Revenue, not the assessee, and the issues were resolved in favour of the assessee. The reference applications were not entertained because the questions were already covered by settled law and no referable question of law arose. en-us Thu, 26 Oct 1989 00:00:00 +0530 Thu, 17 Dec 2009 18:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23256 Rule 2B(2) of the Wealth-tax Rules could not be invoked merely from a firm's gross profit rate, because gross profit figures alone do not provide positive material for determining market value of closing stock. The Revenue had to establish that the declared balance-sheet value was understated and that market value exceeded it by more than 20% before the rule could operate. On that principle, the burden rested on the Revenue, not the assessee, and the issues were resolved in favour of the assessee. The reference applications were not entertained because the questions were already covered by settled law and no referable question of law arose. Case-Laws Wealth-tax Thu, 26 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23256