https://www.taxtmi.com/caselaws?id=24712 The court ruled in favor of the Revenue regarding the deductibility of liability due to the Life Insurance Corporation, stating that the liability is not allowable as a deduction. However, in the case of valuing unquoted shares of Biological Evans Ltd., the court sided with the assessee against the Revenue, holding that rule 1D is not mandatory but discretionary. The court emphasized that for going concerns, the 'yield method' should be used for valuation unless it fails, in which case rule 1D may be applied. en-us Fri, 29 Jul 1988 00:00:00 +0530 Thu, 21 Jan 2010 18:22:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24712 The court ruled in favor of the Revenue regarding the deductibility of liability due to the Life Insurance Corporation, stating that the liability is not allowable as a deduction. However, in the case of valuing unquoted shares of Biological Evans Ltd., the court sided with the assessee against the Revenue, holding that rule 1D is not mandatory but discretionary. The court emphasized that for going concerns, the 'yield method' should be used for valuation unless it fails, in which case rule 1D may be applied. Case-Laws Wealth-tax Fri, 29 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24712