https://www.taxtmi.com/caselaws?id=36389 The court quashed the notice issued by the Commissioner of Wealth-tax under section 25(2) of the W.T. Act, which sought to revise the WTO's orders for undervaluation of shares. It held that the Board's Circular dated October 31, 1967, providing valuation methods for unquoted equity shares, was binding and not abrogated by the Supreme Court decision. The Commissioner's proposed valuation method contrary to the circular was deemed invalid. The court allowed the Special Civil Application, directing the Commissioner to refrain from acting on the notice and ordering costs to be paid by the respondent. en-us Fri, 29 Feb 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36389 The court quashed the notice issued by the Commissioner of Wealth-tax under section 25(2) of the W.T. Act, which sought to revise the WTO's orders for undervaluation of shares. It held that the Board's Circular dated October 31, 1967, providing valuation methods for unquoted equity shares, was binding and not abrogated by the Supreme Court decision. The Commissioner's proposed valuation method contrary to the circular was deemed invalid. The court allowed the Special Civil Application, directing the Commissioner to refrain from acting on the notice and ordering costs to be paid by the respondent. Case-Laws Wealth-tax Fri, 29 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36389