https://www.taxtmi.com/caselaws?id=58395 The Appellate Tribunal upheld the department's appeals regarding the valuation of shares for the assessment years 1979-80 and 1980-81 under rule 1D of the Wealth-tax Rules, 1957. The Tribunal determined that advance tax paid should not be treated as an asset and that the provision for taxation should be reduced by the amount of advance tax paid to ascertain the excess over tax payable with reference to book profits. Consequently, the Tribunal ruled in favor of the department, overturning the AAC's decision and restoring the WTO's valuation of the shares. en-us Mon, 26 May 1986 00:00:00 +0530 Sat, 18 Dec 2010 17:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58395 The Appellate Tribunal upheld the department's appeals regarding the valuation of shares for the assessment years 1979-80 and 1980-81 under rule 1D of the Wealth-tax Rules, 1957. The Tribunal determined that advance tax paid should not be treated as an asset and that the provision for taxation should be reduced by the amount of advance tax paid to ascertain the excess over tax payable with reference to book profits. Consequently, the Tribunal ruled in favor of the department, overturning the AAC's decision and restoring the WTO's valuation of the shares. Case-Laws Wealth-tax Mon, 26 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58395