2006 (1) TMI 45

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....bsp; present  appeals  are  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 ....

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....nbsp; the Commissioner of Income Tax  (  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 respec....

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.... value should be taken as the fair market value 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 an....