https://www.taxtmi.com/caselaws?id=36125 The High Court held that for wealth tax assessment, the market value of foreign shares should be considered, not the cost value shown in the balance-sheet. The Court emphasized that the WTO can adjust asset valuation if undervalued, even under the global method of valuation. The circular issued by the CBDT directed global valuation but did not prohibit valuing assets at market value if undervalued. The Court ruled in favor of the assessee, stating that the WTO's valuation based on market value was justified and not in breach of the Act or circular. The revenue was directed to bear the costs of the reference. en-us Wed, 19 Mar 1980 00:00:00 +0530 Fri, 19 Mar 2010 14:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36125 The High Court held that for wealth tax assessment, the market value of foreign shares should be considered, not the cost value shown in the balance-sheet. The Court emphasized that the WTO can adjust asset valuation if undervalued, even under the global method of valuation. The circular issued by the CBDT directed global valuation but did not prohibit valuing assets at market value if undervalued. The Court ruled in favor of the assessee, stating that the WTO's valuation based on market value was justified and not in breach of the Act or circular. The revenue was directed to bear the costs of the reference. Case-Laws Wealth-tax Wed, 19 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36125