TaxTMI 
TaxTMI 
2006 (1) TMI 45
X X X X Extracts X X X X
X X X X Extracts X X X X
.... filed under Section 27-A of the Wealth TaxAct, 1957 by the Revenue, in W.T.A. Nos.208/Mds/93, 209/Mds/93, 1215/Mds/93 & 354/Mds/94, passed by the Income Tax Appellate Tribunal, Madras, 'D' Benchraising the following substantial question of law. "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the written down value of....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ( Appeals). The Commissioner of Income Tax (Appeals) directed the Assessing Officer to adopt the following method to arrive at the market value of the vehicles. For the vehicles purchased before the last quarter but during the relevant previous year, 9% of the cost of acquisition should be taken as the market value. In respect of the vehicles which are owned by the a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lue for for the purpose of wealth tax. The learned counsel for the Revenue submitted that the written down value of the vehicles should not be taken as the market value, for wealth tax purpose. Further it was submitted that the Commissioner of Income-tax (Appelas) had reached a via media between the insured value and the written down value and had worked out a method of calculation whi....