https://www.taxtmi.com/caselaws?id=103118 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a judgment for the assessment year 1997-98. The Tribunal held that the incomplete building under construction should not be included in the net wealth as its value was not explicitly covered under the Wealth Tax Act. Additionally, for the valuation of motor cars, the Tribunal allowed a 20% discount on the insurance value, determining that 80% of the insurance value should be considered as the value of the cars. As a result, the appeal of the assessee was partly allowed on both grounds. en-us Fri, 04 Oct 2002 00:00:00 +0530 Mon, 20 Feb 2012 17:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103118 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a judgment for the assessment year 1997-98. The Tribunal held that the incomplete building under construction should not be included in the net wealth as its value was not explicitly covered under the Wealth Tax Act. Additionally, for the valuation of motor cars, the Tribunal allowed a 20% discount on the insurance value, determining that 80% of the insurance value should be considered as the value of the cars. As a result, the appeal of the assessee was partly allowed on both grounds. Case-Laws Wealth-tax Fri, 04 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103118