https://www.taxtmi.com/caselaws?id=29410 The High Court upheld the Tribunal's decision in favor of the assessee concerning the valuation method for unquoted shares. The Court emphasized the Tribunal's authority to rely on valuation reports and follow valuers' assessments, even if not in line with Rule ID. Questions regarding Rule ID were not addressed, but the Tribunal's reliance on the valuation report was deemed appropriate under section 24(6) of the Wealth-tax Act. The Court ruled in favor of the assessee on question 3, awarding costs of Rs. 250. en-us Mon, 10 May 1982 00:00:00 +0530 Fri, 12 Mar 2010 16:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29410 The High Court upheld the Tribunal's decision in favor of the assessee concerning the valuation method for unquoted shares. The Court emphasized the Tribunal's authority to rely on valuation reports and follow valuers' assessments, even if not in line with Rule ID. Questions regarding Rule ID were not addressed, but the Tribunal's reliance on the valuation report was deemed appropriate under section 24(6) of the Wealth-tax Act. The Court ruled in favor of the assessee on question 3, awarding costs of Rs. 250. Case-Laws Wealth-tax Mon, 10 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29410