https://www.taxtmi.com/caselaws?id=55468 Wealth-tax valuation of business assets may depart from book or written down value where fair market value must be assessed. Immovable properties were to be revalued under the amended Schedule III rules effective from 1 April 1989, and the valuation officer could examine the applicable rule on the facts. For plant and machinery, section 16A valuation by reference to replacement cost with straight-line depreciation was approved; written down value was not conclusive. Reductions for corrosion and working condition were upheld, while higher allowances for obsolescence, joint ownership and limited marketability were considered appropriate, including a 10 per cent deduction for limited marketability. en-us Mon, 03 Sep 1990 00:00:00 +0530 Sat, 27 Nov 2010 12:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55468 Wealth-tax valuation of business assets may depart from book or written down value where fair market value must be assessed. Immovable properties were to be revalued under the amended Schedule III rules effective from 1 April 1989, and the valuation officer could examine the applicable rule on the facts. For plant and machinery, section 16A valuation by reference to replacement cost with straight-line depreciation was approved; written down value was not conclusive. Reductions for corrosion and working condition were upheld, while higher allowances for obsolescence, joint ownership and limited marketability were considered appropriate, including a 10 per cent deduction for limited marketability. Case-Laws Wealth-tax Mon, 03 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55468