https://www.taxtmi.com/caselaws?id=59855 For valuation of shares under rule 1D of the Wealth-tax Rules, the company's income-tax and surtax liability on book profits, though not provided for in the accounts but disclosed in the auditors' notes, had to be treated as a deductible debt. The balance sheet was required to be read as a whole, including the auditors' notes, to reflect the true state of affairs and avoid a distorted break-up value. As rule 1D did not exclude such disclosed liability, the unprovided taxation liability had to be worked out and deducted in computing share value. en-us Sat, 27 Oct 1984 00:00:00 +0530 Sat, 01 Jan 2011 14:33:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59855 For valuation of shares under rule 1D of the Wealth-tax Rules, the company's income-tax and surtax liability on book profits, though not provided for in the accounts but disclosed in the auditors' notes, had to be treated as a deductible debt. The balance sheet was required to be read as a whole, including the auditors' notes, to reflect the true state of affairs and avoid a distorted break-up value. As rule 1D did not exclude such disclosed liability, the unprovided taxation liability had to be worked out and deducted in computing share value. Case-Laws Income Tax Sat, 27 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59855