https://www.taxtmi.com/caselaws?id=37567 Under rule 1D of the Wealth-tax Rules, depreciation reserves set apart in the balance-sheet are not excluded as ordinary reserves for valuing unquoted equity shares. The rule's second Explanation excludes reserves generally, but specifically preserves reserves created towards depreciation, and that expression is of broad application. The note states that such depreciation reserves, including initial depreciation reserve, remain part of the liabilities side for share valuation and must be taken into account in computing market value under the rule. en-us Thu, 07 Sep 1978 00:00:00 +0530 Tue, 30 Mar 2010 15:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37567 Under rule 1D of the Wealth-tax Rules, depreciation reserves set apart in the balance-sheet are not excluded as ordinary reserves for valuing unquoted equity shares. The rule's second Explanation excludes reserves generally, but specifically preserves reserves created towards depreciation, and that expression is of broad application. The note states that such depreciation reserves, including initial depreciation reserve, remain part of the liabilities side for share valuation and must be taken into account in computing market value under the rule. Case-Laws Wealth-tax Thu, 07 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37567