https://www.taxtmi.com/caselaws?id=6955 Wealth-tax valuation under section 7(2) is ordinarily based on the balance-sheet figure, subject to adjustment only where acceptable reasons justify departure or the figure is shown to be incorrect. A factual inference of non-recoverability may be drawn from the ordinary course of conduct, even without direct evidence, so an advance paid as bonus to employees was treated as not constituting an asset. The meaning of "set up" in the exemption provision for a new industrial undertaking was applied in line with the later Supreme Court interpretation. The valuation question was left for reconsideration on the stated legal rule. en-us Tue, 03 Jan 1967 00:00:00 +0530 Sat, 07 Feb 2009 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6955 Wealth-tax valuation under section 7(2) is ordinarily based on the balance-sheet figure, subject to adjustment only where acceptable reasons justify departure or the figure is shown to be incorrect. A factual inference of non-recoverability may be drawn from the ordinary course of conduct, even without direct evidence, so an advance paid as bonus to employees was treated as not constituting an asset. The meaning of "set up" in the exemption provision for a new industrial undertaking was applied in line with the later Supreme Court interpretation. The valuation question was left for reconsideration on the stated legal rule. Case-Laws Wealth-tax Tue, 03 Jan 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6955