https://www.taxtmi.com/caselaws?id=24895 For valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, 1957, Explanation II(ii)(e) requires the tax payable with reference to book profits to be taken as the gross tax on those profits, without deducting advance tax already paid. Advance tax is separately excluded from assets under Explanation II(i)(a), and reading a further deduction into clause (ii)(e) would add words not found in the rule and disturb the balance-sheet adjustment scheme. The provision for taxation is therefore compared against the full tax payable on book profits when testing whether it is excessive. en-us Tue, 16 Feb 1988 00:00:00 +0530 Sat, 23 Jan 2010 10:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24895 For valuing unquoted equity shares under rule 1D of the Wealth-tax Rules, 1957, Explanation II(ii)(e) requires the tax payable with reference to book profits to be taken as the gross tax on those profits, without deducting advance tax already paid. Advance tax is separately excluded from assets under Explanation II(i)(a), and reading a further deduction into clause (ii)(e) would add words not found in the rule and disturb the balance-sheet adjustment scheme. The provision for taxation is therefore compared against the full tax payable on book profits when testing whether it is excessive. Case-Laws Wealth-tax Tue, 16 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24895