https://www.taxtmi.com/caselaws?id=38424 The court ruled in favor of the assessee, determining that the values of block assets for wealth-tax purposes should be based on their depreciated or written down values as determined by income-tax authorities. The court emphasized the necessity of considering depreciated values for income-tax purposes in calculating net wealth, rejecting the revenue's argument to accept balance-sheet values as market values. The decision underscored the importance of providing adequate explanations for differences in asset values between balance-sheet figures and depreciated values to ensure accurate wealth-tax assessments. The revenue was directed to bear the costs of the reference. en-us Wed, 13 Jul 1977 00:00:00 +0530 Tue, 06 Apr 2010 11:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38424 The court ruled in favor of the assessee, determining that the values of block assets for wealth-tax purposes should be based on their depreciated or written down values as determined by income-tax authorities. The court emphasized the necessity of considering depreciated values for income-tax purposes in calculating net wealth, rejecting the revenue's argument to accept balance-sheet values as market values. The decision underscored the importance of providing adequate explanations for differences in asset values between balance-sheet figures and depreciated values to ensure accurate wealth-tax assessments. The revenue was directed to bear the costs of the reference. Case-Laws Wealth-tax Wed, 13 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38424