https://www.taxtmi.com/caselaws?id=24106 Controlling precedent governed valuation of shares under rule ID of the Wealth-tax Rules, so advance income-tax paid by the company was not required to be deducted from the provision for taxation, and the issue was answered against the assessee. The Court also applied its earlier interpretation of section 5(1) and section 5(1A) of the Wealth-tax Act to hold that National Defence Certificates were not exempt, again against the assessee. Both referred questions were resolved consistently with binding prior interpretation, leaving the Revenue's position intact. en-us Tue, 01 Mar 1988 00:00:00 +0530 Sat, 16 Jan 2010 16:39:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24106 Controlling precedent governed valuation of shares under rule ID of the Wealth-tax Rules, so advance income-tax paid by the company was not required to be deducted from the provision for taxation, and the issue was answered against the assessee. The Court also applied its earlier interpretation of section 5(1) and section 5(1A) of the Wealth-tax Act to hold that National Defence Certificates were not exempt, again against the assessee. Both referred questions were resolved consistently with binding prior interpretation, leaving the Revenue's position intact. Case-Laws Wealth-tax Tue, 01 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24106