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TMI Blog2015 (4) TMI 230X X X X Extracts X X X X X X X X Extracts X X X X ..... . T.V.Sundaram Iyengar and Sons Ltd. [2006 (1) TMI 45 - HIGH COURT, MADRAS] - there is no material produced before us by the Revenue to show that the written down value does not represent the market value of the vehicles. Therefore, the said decision applies to the facts of the present case on all fours - Decided against Revenue. - TC (A) Nos. 1212 to 1218 of 2007 - - - Dated:- 19-3-2015 - R. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eded 20% of aggregate area? (ii) Whether on the facts and circumstances of the case, the Tribunal was right in holding that premises leased out and used by the lessee as factory godown, etc., is not subject to wealth tax? 2. Even though these appeals were admitted the above questions of law, the learned counsel appearing for the Revenue fairly concedes that in these appeals the only questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n down value of the cars and jeeps owned by the assessee should be taken as the market value for the purposes of wealth tax? 4. The learned counsel on either side submit that in assessee's own case for the assessment years 1988-89 to 1991-1992, this Court in Commissioner of Wealth Tax v. T.V.Sundaram Iyengar and Sons Ltd., (2007) 289 ITR 284 (Mad.) has answered the very same question of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion of fact, especially when the Tribunal had adopted the written down value as the market value in the earlier assessment years in the assessee's own case. No material is produced before us by the Revenue to show that the written down value does not represent the market value of the vehicle. 6. In view of the foregoing conclusions, we find no error in the order of the Income-tax Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X
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