https://www.taxtmi.com/caselaws?id=36890 The court held that the value of fixed assets for wealth-tax purposes should be based on the balance-sheet value, subject to adjustments supported by acceptable evidence. Written down value was deemed not reflective of true value, with the burden on the assessee to prove otherwise. Depreciation alone does not determine asset value, and the onus is on the assessee to demonstrate any discrepancies in the balance-sheet value. The court emphasized that balance-sheet value is prima facie evidence of asset value, unless proven otherwise by the assessee. en-us Thu, 13 Sep 1979 00:00:00 +0530 Thu, 25 Mar 2010 12:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36890 The court held that the value of fixed assets for wealth-tax purposes should be based on the balance-sheet value, subject to adjustments supported by acceptable evidence. Written down value was deemed not reflective of true value, with the burden on the assessee to prove otherwise. Depreciation alone does not determine asset value, and the onus is on the assessee to demonstrate any discrepancies in the balance-sheet value. The court emphasized that balance-sheet value is prima facie evidence of asset value, unless proven otherwise by the assessee. Case-Laws Wealth-tax Thu, 13 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36890