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<h1>Tax Assessment: Court Rules on Asset Valuation Method</h1> The High Court of Bombay held that 'written down value' and 'actual cost' of assets should be determined as per the Indian Income-tax Act, 1922, and not ... Law Applicable To Assessment, Written Down Value The High Court of Bombay in 1988 held that the 'written down value' and 'actual cost' of assets should be determined as per the Indian Income-tax Act, 1922, and not the Income-tax Act, 1961, for assessment years 1970-71 and 1971-72. The decision was based on a previous case and ruled in favor of the Revenue.