https://www.taxtmi.com/caselaws?id=23750 The court held that rule 1D of Wealth-tax Rules is mandatory only when the valuation dates of the company and assessee coincide; otherwise, it is considered directory. In cases of differing dates, alternative valuation methods can be presented. Discrepancies in valuation require a reference to the Valuation Officer, who determines market value based on section 7(3) of the Act. The Valuation Officer is not bound by rule 1D and can value unquoted shares based on market value. The court dismissed the petition, citing a previous decision and emphasizing the Valuation Officer's discretion in valuing unquoted shares. en-us Wed, 10 Jan 1990 00:00:00 +0530 Fri, 25 Dec 2009 17:15:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23750 The court held that rule 1D of Wealth-tax Rules is mandatory only when the valuation dates of the company and assessee coincide; otherwise, it is considered directory. In cases of differing dates, alternative valuation methods can be presented. Discrepancies in valuation require a reference to the Valuation Officer, who determines market value based on section 7(3) of the Act. The Valuation Officer is not bound by rule 1D and can value unquoted shares based on market value. The court dismissed the petition, citing a previous decision and emphasizing the Valuation Officer's discretion in valuing unquoted shares. Case-Laws Wealth-tax Wed, 10 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23750