https://www.taxtmi.com/caselaws?id=58335 Rule 14 of Schedule III applies to a global valuation of business assets, not to a single asset in isolation. For depreciable assets, written-down value is the general rule under clause (a), but clause (b) requires a higher value where the valuation under the relevant provisions or rule 20 exceeds that figure by more than 20 per cent. In the absence of a specific rule for motor cars, rule 20 applies and valuation may be based on open market value. Insurance value was treated as a reasonable, though approximate, indicator of market value, and the fair market value was estimated at 80 per cent of the insurance value. en-us Fri, 22 Nov 1996 00:00:00 +0530 Sat, 18 Dec 2010 15:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58335 Rule 14 of Schedule III applies to a global valuation of business assets, not to a single asset in isolation. For depreciable assets, written-down value is the general rule under clause (a), but clause (b) requires a higher value where the valuation under the relevant provisions or rule 20 exceeds that figure by more than 20 per cent. In the absence of a specific rule for motor cars, rule 20 applies and valuation may be based on open market value. Insurance value was treated as a reasonable, though approximate, indicator of market value, and the fair market value was estimated at 80 per cent of the insurance value. Case-Laws Wealth-tax Fri, 22 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58335