https://www.taxtmi.com/caselaws?id=6853 The High Court affirmed the Tribunal's decision to exclude the revaluation amount from the net value of assets, emphasizing that the revaluation was not a true reflection of asset value. The court clarified that the net value of assets should be determined under section 7(1) of the Wealth-tax Act, requiring a review of the assessment by the Tribunal. The assessee was awarded costs. The issues regarding the department's petition for enhancement of net wealth and the determination of the date of 'set-up' of an industrial undertaking were not addressed by the High Court due to previous Supreme Court judgments. en-us Wed, 22 Feb 1967 00:00:00 +0530 Fri, 06 Feb 2009 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6853 The High Court affirmed the Tribunal's decision to exclude the revaluation amount from the net value of assets, emphasizing that the revaluation was not a true reflection of asset value. The court clarified that the net value of assets should be determined under section 7(1) of the Wealth-tax Act, requiring a review of the assessment by the Tribunal. The assessee was awarded costs. The issues regarding the department's petition for enhancement of net wealth and the determination of the date of 'set-up' of an industrial undertaking were not addressed by the High Court due to previous Supreme Court judgments. Case-Laws Wealth-tax Wed, 22 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6853