https://www.taxtmi.com/caselaws?id=8227 The Supreme Court set aside the High Court's judgment, clarifying that the balance-sheet value should be the primary basis for asset valuation under Section 7(1)(a) of the Wealth-tax Act. The case was remanded for rehearing based on principles from another case. The High Court subsequently favored the revenue on the first issue but ruled in favor of the assessee on the second issue, allowing for adjustments for depreciation. Each party was to bear its own costs. en-us Thu, 07 May 1970 00:00:00 +0530 Mon, 06 Apr 2009 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8227 The Supreme Court set aside the High Court's judgment, clarifying that the balance-sheet value should be the primary basis for asset valuation under Section 7(1)(a) of the Wealth-tax Act. The case was remanded for rehearing based on principles from another case. The High Court subsequently favored the revenue on the first issue but ruled in favor of the assessee on the second issue, allowing for adjustments for depreciation. Each party was to bear its own costs. Case-Laws Wealth-tax Thu, 07 May 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8227