https://www.taxtmi.com/caselaws?id=6259 For valuation of a business under section 7(2) of the Wealth-tax Act, the balance-sheet is relevant but not conclusive: the Wealth-tax Officer may rely on the asset values shown while rejecting an impermissible deduction even if it appears in the accounts. Service lines and service connections built at consumers' expense were nevertheless treated as the assessee's assets because ownership on the valuation date, not the source of funds, governed inclusion in net wealth. The Electricity Act's treatment of those lines for compulsory sale price did not alter their wealth-tax character. The valuation was therefore upheld against the assessee. en-us Thu, 12 Aug 1971 00:00:00 +0530 Tue, 17 Dec 2013 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6259 For valuation of a business under section 7(2) of the Wealth-tax Act, the balance-sheet is relevant but not conclusive: the Wealth-tax Officer may rely on the asset values shown while rejecting an impermissible deduction even if it appears in the accounts. Service lines and service connections built at consumers' expense were nevertheless treated as the assessee's assets because ownership on the valuation date, not the source of funds, governed inclusion in net wealth. The Electricity Act's treatment of those lines for compulsory sale price did not alter their wealth-tax character. The valuation was therefore upheld against the assessee. Case-Laws Wealth-tax Thu, 12 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6259