https://www.taxtmi.com/caselaws?id=66637 The Tribunal concluded that the valuation of assets of M/s. Universal Oxygen Company for wealth tax purposes should include depreciation adjustments. The Tribunal allowed the depreciation amount of Rs. 9,90,000 as a liability, reducing the assessee's taxable wealth. The appeal was allowed, setting aside the AAC's order. The Tribunal rejected the Departmental Representative's request for remand, emphasizing the burden of proof on the Department to establish excess market value. en-us Tue, 20 Oct 1987 00:00:00 +0530 Sat, 05 Mar 2011 13:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66637 The Tribunal concluded that the valuation of assets of M/s. Universal Oxygen Company for wealth tax purposes should include depreciation adjustments. The Tribunal allowed the depreciation amount of Rs. 9,90,000 as a liability, reducing the assessee's taxable wealth. The appeal was allowed, setting aside the AAC's order. The Tribunal rejected the Departmental Representative's request for remand, emphasizing the burden of proof on the Department to establish excess market value. Case-Laws Wealth-tax Tue, 20 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66637