2015 (4) TMI 230

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....r S A Balasubramanian JUDGMENT (Delivered by R. Sudhakar, J.) These appeals are filed by the Revenue under Section 27A of the Wealth Tax Act against the order of the Income Tax Appellate Tribunal,"D' Bench, Chennai, dated 27.11.2002 made in W.T.A.Nos.204 to 207/Mds/93, 447/Mds/1994, 85/Mds/1996, and 86/Mds/1996 and the same were admitted on the following questions of law: (i) Wheth....

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.... holding that the written down value of the cars and jeeps owned by the assessee should be taken as the market value for the purposes of wealth tax?" That apart, he submits that the pleadings and grounds raised in the affidavits filed in support of these appeals relate only to the above sole question of law and there is no pleading or ground raised in relation to the two substantial questions o....

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....ns Ltd., (2007) 289 ITR 284 (Mad.), this Court while answering the very same question of law, held as under: "5. We heard the arguments. In this case, what is shown in the books was offered for wealth-tax assessments. The Assessing Officer had merely adopted the insured value of the vehicles as the market value. The Assessing Officer ought to have determined the market value for each vehicle, i....