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of <h1>Assessee must use written down value for capital gains. Appeal deemed incompetent due to ITO's actions.</h1> <h3>Prime Products Pvt. Limited., Kanpur Versus Commissioner Of Income-Tax</h3> Prime Products Pvt. Limited., Kanpur Versus Commissioner Of Income-Tax - [1979] 116 ITR 473, 8 CTR 203, 1 TAXMANN 229 The court held that an assessee must rely on the written down value of an asset, not the fair market value, for determining capital gains. The appeal against the assessment order was deemed incompetent as the ITO acted in accordance with the AAC's directions. The assessee had no right of appeal against the ITO's actions.
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