https://www.taxtmi.com/caselaws?id=38185 For valuation of a business under the Wealth-tax Act, the balance-sheet value may be adopted as the net asset value unless the assessee proves, with reliable material, that the written down value better reflects real market value on the valuation date. The court rejected any general rule requiring Income-tax Act written down value to replace balance-sheet figures. Amounts credited to contingencies reserve, tariff and dividend control reserve, development reserve, and the service line contribution account were treated as part of the assessee's assets for wealth-tax purposes; statutory restrictions on use or transfer did not by themselves make them excludible from net wealth. en-us Tue, 29 Nov 1977 00:00:00 +0530 Sat, 03 Apr 2010 16:10:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38185 For valuation of a business under the Wealth-tax Act, the balance-sheet value may be adopted as the net asset value unless the assessee proves, with reliable material, that the written down value better reflects real market value on the valuation date. The court rejected any general rule requiring Income-tax Act written down value to replace balance-sheet figures. Amounts credited to contingencies reserve, tariff and dividend control reserve, development reserve, and the service line contribution account were treated as part of the assessee's assets for wealth-tax purposes; statutory restrictions on use or transfer did not by themselves make them excludible from net wealth. Case-Laws Wealth-tax Tue, 29 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38185