https://www.taxtmi.com/caselaws?id=6345 The Supreme Court held that balance sheet values could be prima facie evidence of asset value for wealth tax assessment, but adjustments for wear and tear post-revaluation should be made. The Court ruled in favor of the department on the valuation issue and in favor of the assessee on the High Court's competence to remand a case, emphasizing the High Court's obligation to respect Supreme Court orders and avoid challenging their correctness. The decision provided clarity on asset valuation and judicial propriety in handling cases under the Wealth-tax Act. en-us Mon, 30 Aug 1971 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6345 The Supreme Court held that balance sheet values could be prima facie evidence of asset value for wealth tax assessment, but adjustments for wear and tear post-revaluation should be made. The Court ruled in favor of the department on the valuation issue and in favor of the assessee on the High Court's competence to remand a case, emphasizing the High Court's obligation to respect Supreme Court orders and avoid challenging their correctness. The decision provided clarity on asset valuation and judicial propriety in handling cases under the Wealth-tax Act. Case-Laws Wealth-tax Mon, 30 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6345