https://www.taxtmi.com/caselaws?id=60290 The Tribunal held that the valuation method for unquoted equity shares under the Wealth-tax Rules, 1957 is not mandatory but directory. Relying on precedents and principles favoring the assessee, the Tribunal upheld the AAC's decision to revalue the shares using the yield method instead of the break-up value method. The Tribunal emphasized that in cases of ambiguity in taxing provisions, interpretations favoring the assessee should be adopted. The decision aligned with views considering rule 1D as directory and not mandatory, dismissing the departmental appeals. en-us Wed, 17 Dec 1986 00:00:00 +0530 Tue, 04 Jan 2011 15:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60290 The Tribunal held that the valuation method for unquoted equity shares under the Wealth-tax Rules, 1957 is not mandatory but directory. Relying on precedents and principles favoring the assessee, the Tribunal upheld the AAC's decision to revalue the shares using the yield method instead of the break-up value method. The Tribunal emphasized that in cases of ambiguity in taxing provisions, interpretations favoring the assessee should be adopted. The decision aligned with views considering rule 1D as directory and not mandatory, dismissing the departmental appeals. Case-Laws Wealth-tax Wed, 17 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60290