https://www.taxtmi.com/caselaws?id=24720 While valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, advance tax already paid must be excluded from assets, and only the provision for taxation representing the actual tax payable for the year may be treated as a liability. Any excess provision beyond the tax payable does not reflect a real liability and must be ignored. The Court rejected the contention that the entire provision for taxation could be deducted, holding that the tax burden is recognised only once through the combined treatment of advance tax and the proper balance of provision. en-us Thu, 10 Mar 1988 00:00:00 +0530 Fri, 22 Jan 2010 09:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24720 While valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, advance tax already paid must be excluded from assets, and only the provision for taxation representing the actual tax payable for the year may be treated as a liability. Any excess provision beyond the tax payable does not reflect a real liability and must be ignored. The Court rejected the contention that the entire provision for taxation could be deducted, holding that the tax burden is recognised only once through the combined treatment of advance tax and the proper balance of provision. Case-Laws Income Tax Thu, 10 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24720