https://www.taxtmi.com/caselaws?id=7985 The High Court remanded the case to the Tribunal for further proceedings under section 27(6) of the Wealth-tax Act, emphasizing the correct application of section 7 for valuing investments in the money-lending business. The Tribunal was instructed not to solely rely on book value and to consider adjustments as necessary. The judgment clarifies the discretionary power of the Wealth-tax Officer to adjust asset values based on circumstances, highlighting the importance of accurately applying statutory provisions for wealth tax assessment. en-us Fri, 10 Jul 1970 00:00:00 +0530 Thu, 26 Mar 2009 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7985 The High Court remanded the case to the Tribunal for further proceedings under section 27(6) of the Wealth-tax Act, emphasizing the correct application of section 7 for valuing investments in the money-lending business. The Tribunal was instructed not to solely rely on book value and to consider adjustments as necessary. The judgment clarifies the discretionary power of the Wealth-tax Officer to adjust asset values based on circumstances, highlighting the importance of accurately applying statutory provisions for wealth tax assessment. Case-Laws Wealth-tax Fri, 10 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7985