https://www.taxtmi.com/caselaws?id=7374 For wealth-tax valuation of business assets under section 7(2)(a), the balance-sheet value may be adjusted only to reach the true value of the assets, and only depreciation reflecting actual diminution from wear and tear is relevant. Initial and additional depreciation under the Income-tax Act, 1922, being incentive allowances for industrial growth and not measures of physical deterioration, do not reduce the real value of the assets for wealth-tax purposes. The claimed deductions were therefore not allowable in computing the assessee's net wealth. en-us Thu, 10 Oct 1968 00:00:00 +0530 Thu, 19 Feb 2009 09:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7374 For wealth-tax valuation of business assets under section 7(2)(a), the balance-sheet value may be adjusted only to reach the true value of the assets, and only depreciation reflecting actual diminution from wear and tear is relevant. Initial and additional depreciation under the Income-tax Act, 1922, being incentive allowances for industrial growth and not measures of physical deterioration, do not reduce the real value of the assets for wealth-tax purposes. The claimed deductions were therefore not allowable in computing the assessee's net wealth. Case-Laws Wealth-tax Thu, 10 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7374