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Rule 2C - Adjustments in the value of an asset not disclosed in the balance sheet - Wealth Tax Rules, 1957Extract Adjustments in the value of an asset not disclosed in the balance sheet. 1 2C. [Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989.] ------------------------- Notes:- 1. Before Omission rule 2C it was read as under : The value of an asset not disclosed in the balance sheet shall be taken to be ( a ) in the case of a debt due to the assessee, the amount due to the assessee under that debt and where such amount or part thereof has been allowed as a deduction under clause ( vii ) of sub-section (1) of section 36 of the Income-tax Act, 1961, in computing the total income of the assessee for the relevant year for the purposes of assessment under that Act, the amount of the debt as reduced by the deduction to be allowed; ( b ) in the case of goodwill purchased by the assessee for a price, its market value or the price actually paid by him, whichever is less ; ( c ) in the case of managing agency rights purchased by the assessee for a price, its market value or the price actually paid by him, whichever is less ; ( d ) in the case of any other asset, its market value on the valuation date.
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