2015 (4) TMI 1316

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....ting the taxable value of motor cars at Rs. 85,40,570 against Rs. 70,05,081 declared by the appellant. 1.1 That the CIT(A) erred on facts and in law in holding that the written down value ('WDV') of the motor cars has to be adopted as taxable value under the Wealth Tax Act, 1957 ('the Act'). 1.2 That the CIT(A) erred on facts and in law in holding that the WDV of the motor cars has to be adopted in view of Rule 14 of Wealth Tax Rules, 1957 ('the Rules'). 2. That the CIT(A) erred on facts and in law in upholding the action of the assessing officer in not allowing reduction of the proportionate debt owed by the appellant in relation to the specified taxable assets, while computing the net wea....

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....nd 2.2 has been decided in favor of the Assessee vide order dated 26.9.2014. He requested that this Appeal may be decided on the same term as in the order dated 26.9.2014 passed in WTA No. 12/Del/2012. 4. Ld. DR has not raised any objection on the request of the assessee's counsel. 5. After hearing both the parties and perusing the relevant records available with us, especially the order dated 26.9.2014 passed by this Bench in the assessee's own case in WTA No. 12/Del/2012 A.Y. 2008- 09. After going through the issues raised in the present Appeal and the order dated 26.9.2014 passed by this Bench in which the Judicial Member was one of the parties. For the sake of convenience, the relevant finding of the ITAT, Delhi Bench in assessee'....

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....surplus taken together is Rs. 45.88 crores while the accumulative loss was Rs. 85.73 crores. Therefore, all the assets of the assessee company have been acquired out of the loan funds only. When the assessee has no funds of its own, then, in our opinion, the Assessing Officer was not justified in denying the deduction under Section 2(m) to the assessee. Accordingly, ground No.2 of the assessee's appeal is allowed. 5. In the result, the appeal of the assessee partly allowed." 6. After going through the aforesaid order passed by this Bench in assessee's own case for the asstt. year 2008-09, we are of the considered view that the issue in dispute has already been adjudicated and decided. Therefore, respectfully following the order ....