https://www.taxtmi.com/caselaws?id=29184 Rule 1D of the Wealth-tax Rules was upheld as a valid valuation method for unquoted equity shares under section 7 of the Wealth-tax Act, and it was not shown to be arbitrary or beyond power. The word "shall" in the rule was read in context and could operate as directory rather than invariably mandatory. Where no other valuation guideline is available apart from section 7(1), the break-up value method based on the company's wealth may validly be adopted depending on the circumstances of each case. en-us Wed, 08 Jan 1975 00:00:00 +0530 Thu, 11 Mar 2010 12:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29184 Rule 1D of the Wealth-tax Rules was upheld as a valid valuation method for unquoted equity shares under section 7 of the Wealth-tax Act, and it was not shown to be arbitrary or beyond power. The word "shall" in the rule was read in context and could operate as directory rather than invariably mandatory. Where no other valuation guideline is available apart from section 7(1), the break-up value method based on the company's wealth may validly be adopted depending on the circumstances of each case. Case-Laws Wealth-tax Wed, 08 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29184