2005 (2) TMI 65

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... section 27(3) of the Wealth-tax Act, 1957 (for short "the Act") have been submitted by the Commissioner of Wealth-tax for direction to the Income-tax Appellate Tribunal to refer certain questions of law said to arise out of the Tribunal's order to this court for its decision. The prime question relates to the applicability of rule 2B(2) of the Wealth-tax Rules, 1957 (for short "the WT Rules"). ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he purposes of rule 2A shall be taken to be its market value. In other words, it is clear that even where the Wealth-tax Officer has resorted to section 7(2) for determining the value of assets of a business as a whole the written down values or book values of specific assets as appearing in the balance-sheet are not sacrosanct and when the market value exceeds the written down value or book value....