1987 (8) TMI 34

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.... the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case the Tribunal was right in holding that the value of plant and machinery shall be taken at the written down value thereof as on the first day of the ....

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.... Rs. 5,40,242, which was the written down value in the previous year, as per the income-tax records. Aggrieved by the order passed by the Appellate Assistant Commissioner, the Revenue preferred an appeal before the Tribunal. . The Tribunal held that the value of the plant and machinery should be taken to be the written down value on the first day of the valuation period. In this view of the matter....

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.... was the written down value as per the balance-sheet of the assessee for the previous year. Having heard learned counsel for the parties, we have come to the conclusion that this reference has to be answered in the negative and in favour of the assessee. Under section 7 of the Act, the market value of plant and machinery on the valuation date would be the value of that asset for the purposes of t....