https://www.taxtmi.com/caselaws?id=24779 The High Court affirmed the Tribunal's decision that the Wealth-tax Officer failed to prove that the market value exceeded the book value by more than 20%, as required by Rule 2B(2) of the Wealth-tax Rules, 1957. The Court emphasized the burden of proof on the party challenging the valuation and found that the Revenue did not provide sufficient evidence to support their position. Therefore, the Tribunal's decision was upheld, ruling in favor of the assessee and against the Revenue. en-us Sat, 21 May 1988 00:00:00 +0530 Fri, 22 Jan 2010 13:18:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24779 The High Court affirmed the Tribunal's decision that the Wealth-tax Officer failed to prove that the market value exceeded the book value by more than 20%, as required by Rule 2B(2) of the Wealth-tax Rules, 1957. The Court emphasized the burden of proof on the party challenging the valuation and found that the Revenue did not provide sufficient evidence to support their position. Therefore, the Tribunal's decision was upheld, ruling in favor of the assessee and against the Revenue. Case-Laws Wealth-tax Sat, 21 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24779