https://www.taxtmi.com/caselaws?id=60291 The ITAT held that rule 1D of the Wealth-tax Rules, 1957 is directory, not mandatory, in the valuation of unquoted equity shares. The conflicting judicial opinions on rule 1D's applicability were reconciled in favor of interpreting tax provisions in favor of the assessee. The misalignment of valuation dates further supported the decision to value the shares using the yield method, as highlighted in a Calcutta High Court case. Consequently, the ITAT upheld the AAC's order to revalue the shares using the yield method, 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=60291 The ITAT held that rule 1D of the Wealth-tax Rules, 1957 is directory, not mandatory, in the valuation of unquoted equity shares. The conflicting judicial opinions on rule 1D's applicability were reconciled in favor of interpreting tax provisions in favor of the assessee. The misalignment of valuation dates further supported the decision to value the shares using the yield method, as highlighted in a Calcutta High Court case. Consequently, the ITAT upheld the AAC's order to revalue the shares using the yield method, dismissing the departmental appeals. Case-Laws Wealth-tax Wed, 17 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60291