https://www.taxtmi.com/caselaws?id=40177 Rule 1D of the Wealth-tax Rules, 1957 was treated as a valid and mandatory break-up method for valuing unquoted equity shares of companies covered by the rule, because it was consistent with section 7 and within the rule-making power. The Valuation Officer was also bound by that prescribed method, since reference under section 16A did not create a separate valuation regime. No further deductions such as capital gains tax, provision for taxation, provident fund or gratuity were allowable beyond the items specifically dealt with in the rule. Explanation I and the connected parts of Explanation II were upheld and read to avoid double counting. Shares were not excluded from wealth merely because the company owned agricultural land or tea estates. en-us Wed, 16 Feb 1994 00:00:00 +0530 Fri, 17 Oct 2025 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40177 Rule 1D of the Wealth-tax Rules, 1957 was treated as a valid and mandatory break-up method for valuing unquoted equity shares of companies covered by the rule, because it was consistent with section 7 and within the rule-making power. The Valuation Officer was also bound by that prescribed method, since reference under section 16A did not create a separate valuation regime. No further deductions such as capital gains tax, provision for taxation, provident fund or gratuity were allowable beyond the items specifically dealt with in the rule. Explanation I and the connected parts of Explanation II were upheld and read to avoid double counting. Shares were not excluded from wealth merely because the company owned agricultural land or tea estates. Case-Laws Wealth-tax Wed, 16 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40177