https://www.taxtmi.com/caselaws?id=328075 The tribunal partly allowed the appeal of the assessee for statistical purposes. It held that the immovable property in New Delhi, being let out and productive, should not be subject to wealth tax. The valuation of jewellery was not increased as the AO did not follow proper valuation procedures, and debts related to the jewellery were to be deducted. The market value of the motor vehicle was determined at 80% of the insurance value, with deductions for debts owed. The tribunal stressed the importance of interpreting the Wealth Tax Act purposively and following legal precedents. en-us Fri, 29 Apr 2016 00:00:00 +0530 Tue, 24 May 2016 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328075 The tribunal partly allowed the appeal of the assessee for statistical purposes. It held that the immovable property in New Delhi, being let out and productive, should not be subject to wealth tax. The valuation of jewellery was not increased as the AO did not follow proper valuation procedures, and debts related to the jewellery were to be deducted. The market value of the motor vehicle was determined at 80% of the insurance value, with deductions for debts owed. The tribunal stressed the importance of interpreting the Wealth Tax Act purposively and following legal precedents. Case-Laws Wealth-tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328075