https://www.taxtmi.com/caselaws?id=35853 The court held that the income-tax refund did not form part of the taxable assets on the valuation date, affirming the assessee's position. Additionally, the court ruled that advance tax should not be considered an asset in the valuation of shares, also favoring the assessee. The Commissioner was directed to bear the costs of the reference to the assessee. en-us Fri, 26 Sep 1980 00:00:00 +0530 Wed, 17 Mar 2010 12:01:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35853 The court held that the income-tax refund did not form part of the taxable assets on the valuation date, affirming the assessee's position. Additionally, the court ruled that advance tax should not be considered an asset in the valuation of shares, also favoring the assessee. The Commissioner was directed to bear the costs of the reference to the assessee. Case-Laws Wealth-tax Fri, 26 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35853