https://www.taxtmi.com/caselaws?id=6257 For wealth-tax valuation under section 7(2), the balance-sheet figure is the primary basis for valuing a business as a whole, and departure from it is justified only where there are good reasons to treat it as incorrect. A company's accounts must also reflect a true and fair view, so a revaluation credited to capital reserve does not automatically reduce net wealth. On the stated facts, the assessee failed to show any acceptable basis for excluding the revaluation increase, so the balance-sheet value was accepted and the claimed deduction was not allowed. en-us Tue, 10 Aug 1971 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6257 For wealth-tax valuation under section 7(2), the balance-sheet figure is the primary basis for valuing a business as a whole, and departure from it is justified only where there are good reasons to treat it as incorrect. A company's accounts must also reflect a true and fair view, so a revaluation credited to capital reserve does not automatically reduce net wealth. On the stated facts, the assessee failed to show any acceptable basis for excluding the revaluation increase, so the balance-sheet value was accepted and the claimed deduction was not allowed. Case-Laws Wealth-tax Tue, 10 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6257