https://www.taxtmi.com/caselaws?id=69530 Wealth-tax valuation of a wrecked ship turned on market value on the relevant valuation date, meaning the price a willing buyer would pay. The statutory receiver's valuation of the vessel in its deteriorated, economically unviable condition, together with the customs authorities' limited salvage-based valuation, was preferred over the assessee's later projections and balance-sheet figures, which were treated as unreliable. The ship's value was not assessable at the higher amount adopted by the wealth-tax authorities. For the assessment year 1976-77, no value was includible because ownership had not yet passed on the valuation date; for the other years, the includible value was restricted to Rs. 3 lakhs, including the amount lying with the Administrator. en-us Wed, 27 Dec 1989 00:00:00 +0530 Thu, 07 Apr 2011 14:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69530 Wealth-tax valuation of a wrecked ship turned on market value on the relevant valuation date, meaning the price a willing buyer would pay. The statutory receiver's valuation of the vessel in its deteriorated, economically unviable condition, together with the customs authorities' limited salvage-based valuation, was preferred over the assessee's later projections and balance-sheet figures, which were treated as unreliable. The ship's value was not assessable at the higher amount adopted by the wealth-tax authorities. For the assessment year 1976-77, no value was includible because ownership had not yet passed on the valuation date; for the other years, the includible value was restricted to Rs. 3 lakhs, including the amount lying with the Administrator. Case-Laws Wealth-tax Wed, 27 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69530