Written down value as market value for wealth-tax purposes upheld where Revenue produced no contrary material.

The written down value of cars and jeeps was treated as their market value for wealth-tax purposes because the Revenue produced no material to displace that valuation, and the issue was already covered by an earlier binding decision in the assessee's own case. On that footing, the Court applied the prior ruling and held that no substantial question of law arose. The Revenue's appeals therefore failed and were dismissed.

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Issues: Whether the written down value of the cars and jeeps owned by the assessee could be taken as the market value for wealth-tax purposes.

Analysis: The issue was covered by an earlier decision in the assessee's own case for earlier assessment years. The Court noted that no material had been produced by the Revenue to show that the written down value did not represent the market value of the vehicles. In those circumstances, the earlier ruling applied squarely to the present appeals.

Conclusion: The question was answered against the Revenue and in favour of the assessee.

Final Conclusion: The Revenue's appeals failed and stood dismissed on the sole substantial question of law.

Ratio Decidendi: Where the Revenue produces no material to displace the written down value as the market value of vehicles, and the issue is already covered by an earlier binding decision in the assessee's own case, no substantial question of law arises.

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