https://www.taxtmi.com/caselaws?id=36006 For valuation of business assets under section 7(2) of the Wealth-tax Act, the balance-sheet figure is only prima facie evidence and may be adjusted on relevant material. Depreciation allowed in income-tax assessments does not automatically control wealth-tax valuation, so the wealth-tax authority is not bound to substitute the higher income-tax depreciation figure for the amount written off in the books. Additional depreciation, however, is not excluded as a matter of principle and may be considered where the statutory valuation exercise justifies it. en-us Thu, 03 Jan 1974 00:00:00 +0530 Thu, 18 Mar 2010 17:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36006 For valuation of business assets under section 7(2) of the Wealth-tax Act, the balance-sheet figure is only prima facie evidence and may be adjusted on relevant material. Depreciation allowed in income-tax assessments does not automatically control wealth-tax valuation, so the wealth-tax authority is not bound to substitute the higher income-tax depreciation figure for the amount written off in the books. Additional depreciation, however, is not excluded as a matter of principle and may be considered where the statutory valuation exercise justifies it. Case-Laws Wealth-tax Thu, 03 Jan 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36006