https://www.taxtmi.com/caselaws?id=7472 The court held that the Appellate Tribunal was not justified in valuing immovable properties at market value and departing from the Wealth-tax Officer's valuation method. The Tribunal's approach to determining the market value of immovable properties was deemed erroneous, as it did not follow the prescribed method under the Wealth-tax Act. However, the Tribunal was justified in valuing fixed assets after adjustments for depreciation and extra shift allowance, although it erred in applying depreciation rates. The deduction of estimated income-tax liability in arriving at the net wealth of the assessee was deemed legal and justified. en-us Tue, 19 Mar 1968 00:00:00 +0530 Fri, 20 Feb 2009 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7472 The court held that the Appellate Tribunal was not justified in valuing immovable properties at market value and departing from the Wealth-tax Officer's valuation method. The Tribunal's approach to determining the market value of immovable properties was deemed erroneous, as it did not follow the prescribed method under the Wealth-tax Act. However, the Tribunal was justified in valuing fixed assets after adjustments for depreciation and extra shift allowance, although it erred in applying depreciation rates. The deduction of estimated income-tax liability in arriving at the net wealth of the assessee was deemed legal and justified. Case-Laws Wealth-tax Tue, 19 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7472