https://www.taxtmi.com/caselaws?id=7388 Section 7(2)(a) of the Wealth-tax Act values a business as a whole by reference to the balance-sheet, but the balance-sheet is not conclusive in every case. The Wealth-tax Officer may adjust book figures to reach the true value of assets, and must consider material showing that depreciation or written down value justifies departure from balance-sheet values. Depreciation allowed for income-tax purposes is a relevant factor, though not automatically decisive. If no contrary material is produced, the balance-sheet valuation may be adopted. The text therefore states that adjustment may be warranted where facts support it, rather than treating book figures as binding. en-us Mon, 29 Jul 1968 00:00:00 +0530 Thu, 19 Feb 2009 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7388 Section 7(2)(a) of the Wealth-tax Act values a business as a whole by reference to the balance-sheet, but the balance-sheet is not conclusive in every case. The Wealth-tax Officer may adjust book figures to reach the true value of assets, and must consider material showing that depreciation or written down value justifies departure from balance-sheet values. Depreciation allowed for income-tax purposes is a relevant factor, though not automatically decisive. If no contrary material is produced, the balance-sheet valuation may be adopted. The text therefore states that adjustment may be warranted where facts support it, rather than treating book figures as binding. Case-Laws Wealth-tax Mon, 29 Jul 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7388