https://www.taxtmi.com/caselaws?id=36836 The court held that Rule 1D of the Wealth-tax Rules, 1957, is valid as a directory rule, not mandatory. Valuers were not strictly bound by Rule 1D and could use other methods. The Tribunal erred in not accepting the valuers' valuation. The court clarified that the break-up value method in Rule 1D should be discretionary, aligning with the statutory requirement to determine market value. The rule was upheld as valid, and each party was ordered to bear its own costs. en-us Wed, 21 Feb 1979 00:00:00 +0530 Wed, 24 Mar 2010 18:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36836 The court held that Rule 1D of the Wealth-tax Rules, 1957, is valid as a directory rule, not mandatory. Valuers were not strictly bound by Rule 1D and could use other methods. The Tribunal erred in not accepting the valuers' valuation. The court clarified that the break-up value method in Rule 1D should be discretionary, aligning with the statutory requirement to determine market value. The rule was upheld as valid, and each party was ordered to bear its own costs. Case-Laws Wealth-tax Wed, 21 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36836