https://www.taxtmi.com/caselaws?id=25124 For wealth-tax valuation, plant and machinery must be assessed at their market value on the valuation date under section 7 of the Wealth-tax Act, 1957. The relevant date is the end of the accounting year, so the asset cannot be valued by mechanically adopting the written down value as on the first day of that year without considering depreciation during the period. The Tribunal's approach was therefore rejected, and the valuation principle was applied in favour of the assessee. en-us Wed, 12 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 15:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25124 For wealth-tax valuation, plant and machinery must be assessed at their market value on the valuation date under section 7 of the Wealth-tax Act, 1957. The relevant date is the end of the accounting year, so the asset cannot be valued by mechanically adopting the written down value as on the first day of that year without considering depreciation during the period. The Tribunal's approach was therefore rejected, and the valuation principle was applied in favour of the assessee. Case-Laws Wealth-tax Wed, 12 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25124