1998 (2) TMI 56 - HC - Wealth-tax

Summary

The High Court of Madras ruled that the Appellate Tribunal erred in not applying rule 1D to value unquoted shares, contrary to the decision in Bharat Hari Singhania v. CWT. The court held that rule 1D must be followed for valuing unquoted equity shares and that authorities cannot devise their own valuation methods. The judgment favored the Revenue over the assessee.