https://www.taxtmi.com/caselaws?id=2886 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 assessment. The court emphasized the need for independent determination of market value and found no error in the Tribunal's approach. The Revenue's challenge against the method adopted by the Commissioner of Income-tax (Appeals) was dismissed, stating no substantial question of law arose. The tax cases were closed without costs. en-us Tue, 24 Jan 2006 00:00:00 +0530 Thu, 24 Apr 2008 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2886 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 assessment. The court emphasized the need for independent determination of market value and found no error in the Tribunal's approach. The Revenue's challenge against the method adopted by the Commissioner of Income-tax (Appeals) was dismissed, stating no substantial question of law arose. The tax cases were closed without costs. Case-Laws Wealth-tax Tue, 24 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2886