https://www.taxtmi.com/caselaws?id=6480 For valuation under section 7(2)(a) of the Wealth-tax Act, the balance-sheet figure is not conclusive, but it may be adjusted only on reliable material showing that it does not reflect the true value on the valuation date. A mere claim that depreciable assets were not fully depreciated in the accounts because profits were insufficient is not enough to replace the balance-sheet value with the written down value under the Income-tax Act. The assessee must show that the balance-sheet value is artificially inflated and that the written down value is the proper wealth-tax value. The written down value could not be substituted automatically, and the issue was answered against the assessee. en-us Wed, 10 Mar 1976 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6480 For valuation under section 7(2)(a) of the Wealth-tax Act, the balance-sheet figure is not conclusive, but it may be adjusted only on reliable material showing that it does not reflect the true value on the valuation date. A mere claim that depreciable assets were not fully depreciated in the accounts because profits were insufficient is not enough to replace the balance-sheet value with the written down value under the Income-tax Act. The assessee must show that the balance-sheet value is artificially inflated and that the written down value is the proper wealth-tax value. The written down value could not be substituted automatically, and the issue was answered against the assessee. Case-Laws Wealth-tax Wed, 10 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6480