1998 (11) TMI 19

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....U J ---The substantive question referred to us in this reference is as to whether rule 1D of the Wealth-tax Rules, 1957, is mandatory or directory. The Supreme Court in the case of Bharat Hari Singhania v. CWT [1994] 207 ITR 1 while upholding the validity of rule 1D of the wealth-tax Rules has held that : "Rule 1D has to be followed in valuing each and every case of unquoted equity shares of a ....