https://www.taxtmi.com/caselaws?id=29183 The High Court upheld the mandatory nature of Rule 1D of the Wealth Tax Rules, 1957 in determining the market value of unquoted equity shares. The Court ruled against the assessee, confirming the valuation made by the Wealth Tax Officer and the Appellate Assistant Commissioner. The Tribunal's decision to discount the share value was deemed erroneous, emphasizing the imperative language of Rule 1D as a mandatory requirement. The case was remanded to the Tribunal for further proceedings in favor of the Revenue. en-us Wed, 14 Nov 1979 00:00:00 +0530 Thu, 11 Mar 2010 12:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29183 The High Court upheld the mandatory nature of Rule 1D of the Wealth Tax Rules, 1957 in determining the market value of unquoted equity shares. The Court ruled against the assessee, confirming the valuation made by the Wealth Tax Officer and the Appellate Assistant Commissioner. The Tribunal's decision to discount the share value was deemed erroneous, emphasizing the imperative language of Rule 1D as a mandatory requirement. The case was remanded to the Tribunal for further proceedings in favor of the Revenue. Case-Laws Wealth-tax Wed, 14 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29183