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of <h1>High Court affirms Tribunal's valuation method for wealth tax assessment, rejects Revenue's challenge.</h1> The High Court upheld the Income Tax Appellate Tribunal's decision to consider the written down value of vehicles as the fair market value for wealth tax ... Wealth tax - AO contended that the insured value of the cars and jeep should be taken as the current market value instead of WDV as the market value for the purpose of wealth tax - Held that WDV value shall considered for the purpose of wealth tax Issues:Interpretation of market value for wealth tax assessment based on written down value of vehicles.Analysis:The case involved an appeal under Section 27-A of the Wealth Tax Act, 1957, regarding the determination of the market value of cars and jeeps for wealth tax purposes. The primary issue raised was whether the Tribunal was correct in considering the written down value of the vehicles as the market value. The assessee, a company not substantially owned by the public, initially admitted only the written down value of the vehicles as the market value. However, the Assessing Officer contended that the insured value of the vehicles provided by the assessee should be considered the current market value.Upon appeal, the Commissioner of Income Tax (Appeals) directed a method to calculate the market value based on the duration of ownership of the vehicles. The Income Tax Appellate Tribunal upheld the book value as the fair market value for wealth tax assessment. The Revenue argued against considering the written down value as the market value and challenged the method adopted by the Commissioner of Income-tax (Appeals).The High Court, after hearing the arguments, emphasized that the Assessing Officer should have independently determined the market value of each vehicle instead of merely accepting the value offered to the Insurance Company by the assessee. The court highlighted that the determination of asset value is a factual question, and in the absence of evidence to disprove the written down value as the market value, the Tribunal's decision to consider it as such in previous assessments was upheld.Consequently, the High Court found no error in the Income Tax Appellate Tribunal's order and dismissed the tax cases, stating that no substantial question of law arose for consideration. The connected motions were closed without costs.
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