https://www.taxtmi.com/caselaws?id=326298 Written down value was accepted as the basis for valuing motor cars for wealth-tax where the assessee could not trace individual insured values and the Revenue produced no material to show that written down value failed to reflect open market value; the Assessing Officer's estimate under Rule 20 of Schedule III was held arbitrary. Debt attributable to chargeable assets was also computed on a proportionate basis under section 2(m) because the assessee had mixed funds and no direct nexus between borrowings and specific assets could be established; the Tribunal held that a ratio-based allocation was more scientific than an ad hoc estimate. The Revenue's challenge on both issues failed. en-us Wed, 24 Feb 2016 00:00:00 +0530 Fri, 08 Apr 2016 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326298 Written down value was accepted as the basis for valuing motor cars for wealth-tax where the assessee could not trace individual insured values and the Revenue produced no material to show that written down value failed to reflect open market value; the Assessing Officer's estimate under Rule 20 of Schedule III was held arbitrary. Debt attributable to chargeable assets was also computed on a proportionate basis under section 2(m) because the assessee had mixed funds and no direct nexus between borrowings and specific assets could be established; the Tribunal held that a ratio-based allocation was more scientific than an ad hoc estimate. The Revenue's challenge on both issues failed. Case-Laws Wealth-tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326298