Asset valuation rules: market value can override book or written down values when it materially exceeds those bases. Assets were to be valued for wealth-tax purposes using written down value for depreciable assets, book value for non-depreciable assets, and the Income-tax Act closing stock value for stock; a market-value override applied where market value exceeded the applicable base value by a specified margin. This valuation regime was later omitted by amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Asset valuation rules: market value can override book or written down values when it materially exceeds those bases.
Assets were to be valued for wealth-tax purposes using written down value for depreciable assets, book value for non-depreciable assets, and the Income-tax Act closing stock value for stock; a market-value override applied where market value exceeded the applicable base value by a specified margin. This valuation regime was later omitted by amendment.
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