https://www.taxtmi.com/caselaws?id=5159 The court determined that the true value of fixed assets for wealth-tax assessment should consider the written down value for fair assessment, emphasizing accurate valuation. Section 7(2)(a) of the Wealth-tax Act allows adjustments to ensure realistic asset valuation. The principle from the Kesoram Industries case places the onus on the assessee to prove asset value, with failure leading to acceptance of balance sheet values. Post-judgment, the Tribunal must align with court decisions, hear all parties, and modify orders accordingly, ensuring procedural fairness. en-us Fri, 08 Aug 1969 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5159 The court determined that the true value of fixed assets for wealth-tax assessment should consider the written down value for fair assessment, emphasizing accurate valuation. Section 7(2)(a) of the Wealth-tax Act allows adjustments to ensure realistic asset valuation. The principle from the Kesoram Industries case places the onus on the assessee to prove asset value, with failure leading to acceptance of balance sheet values. Post-judgment, the Tribunal must align with court decisions, hear all parties, and modify orders accordingly, ensuring procedural fairness. Case-Laws Wealth-tax Fri, 08 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5159