https://www.taxtmi.com/caselaws?id=58138 For wealth-tax valuation, quoted shares must be taken at realisable market value, and a general ad hoc discount is not allowed without concrete evidence that the quoted price is not realisable. A debt is not excluded from net wealth merely because recovery is disputed, but interest that has remained unrealised under the mercantile system may be deleted from valuation where recovery has not occurred. Where sale consideration is subject to genuine dispute, rival claims, and litigation, the asset must be valued by reflecting that uncertainty rather than at its face amount, and the disputed receivable was accordingly brought down to a lesser value. en-us Tue, 31 Aug 1982 00:00:00 +0530 Fri, 17 Dec 2010 15:30:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58138 For wealth-tax valuation, quoted shares must be taken at realisable market value, and a general ad hoc discount is not allowed without concrete evidence that the quoted price is not realisable. A debt is not excluded from net wealth merely because recovery is disputed, but interest that has remained unrealised under the mercantile system may be deleted from valuation where recovery has not occurred. Where sale consideration is subject to genuine dispute, rival claims, and litigation, the asset must be valued by reflecting that uncertainty rather than at its face amount, and the disputed receivable was accordingly brought down to a lesser value. Case-Laws Wealth-tax Tue, 31 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58138