https://www.taxtmi.com/caselaws?id=27672 Valuation of unquoted shares for wealth-tax purposes was tested against Rule 1D of the Wealth-tax Rules, 1957, with the Tribunal focusing on market value evidence rather than the Revenue's higher estimate. The shares were unquoted on the relevant valuation dates, but they were quoted shortly thereafter on the Madras Stock Exchange at a lower value, and actual transfers recorded in the company's books also showed materially lower prices. On that basis, the Tribunal treated the assessee's valuation as a fair reflection of market value and rejected the Wealth-tax Officer's excess valuation. en-us Mon, 19 Dec 1983 00:00:00 +0530 Mon, 15 Feb 2010 12:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27672 Valuation of unquoted shares for wealth-tax purposes was tested against Rule 1D of the Wealth-tax Rules, 1957, with the Tribunal focusing on market value evidence rather than the Revenue's higher estimate. The shares were unquoted on the relevant valuation dates, but they were quoted shortly thereafter on the Madras Stock Exchange at a lower value, and actual transfers recorded in the company's books also showed materially lower prices. On that basis, the Tribunal treated the assessee's valuation as a fair reflection of market value and rejected the Wealth-tax Officer's excess valuation. Case-Laws Wealth-tax Mon, 19 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27672