https://www.taxtmi.com/caselaws?id=362506 The appeal challenged the disallowance of depreciation on a Lamborghini car for wealth tax assessment. The Ld. Commissioner of Wealth Tax (Appeals) upheld the disallowance based on ownership issues, but contradictory findings and lack of clarity led to the case being restored for de novo adjudication. Despite the possibility of dismissal, the ITAT restored the case to ensure fairness and directed the assessee to actively participate in the fresh adjudication before the Ld. CWT (A). Ultimately, the appeal was allowed for statistical purposes, emphasizing the need for a fair opportunity for the assessee to present its case effectively. en-us Fri, 13 Apr 2018 00:00:00 +0530 Thu, 28 Jun 2018 10:38:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362506 The appeal challenged the disallowance of depreciation on a Lamborghini car for wealth tax assessment. The Ld. Commissioner of Wealth Tax (Appeals) upheld the disallowance based on ownership issues, but contradictory findings and lack of clarity led to the case being restored for de novo adjudication. Despite the possibility of dismissal, the ITAT restored the case to ensure fairness and directed the assessee to actively participate in the fresh adjudication before the Ld. CWT (A). Ultimately, the appeal was allowed for statistical purposes, emphasizing the need for a fair opportunity for the assessee to present its case effectively. Case-Laws Wealth-tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362506