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TMI Blog2015 (4) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on the basis of valuation shown for insurance purposes. However, the Assessing Officer was directed to estimate 80 per cent. of the insurance value. - Following decision of Samrath Knitters P. Ltd. [1996 (11) TMI 99 - ITAT BOMBAY-B] and Thermax Ltd. [2006 (12) TMI 484 - ITAT PUNE] - Decided in favour of assessee. - WTA Nos.47 & 48/Mum/2012 - - - Dated:- 24-7-2013 - SHRI R.K.GUPTA SHRI R.S.SYAL, JJ. For the Appellant : Mr. Rajesh Chamaria For the Respondent : Shri S.K. Singh ORDER R. K. Gupta (Judicial Member).- These two appeals have been preferred by the assessee against the order of the learned Commissioner of Wealth-tax (Appeals)-3, Mumbai, relating to the assessment years 2005-06 and 2006-07, respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n down value, i.e., considering the wear and tear and usage of the same. Therefore, the Assessing Officer considering the value of motor car as per the Wealth-tax Act at ₹ 4,83,86,246, less hire purchase loan at ₹ 2,18,06,391, aggregating to ₹ 2,65,79,855 and accordingly, added the same to the net wealth for the assessment year 2005-06. Similarly, the addition was made for assessment year 2006-07, however, the quantum of addition was different. Before the learned Commissioner of Wealth-tax (Appeals), the decision of Tribunal in the case of Samrath Knitters P. Ltd. v. Deputy CWT [1997] 60 ITD 657 (Mum) and in the case of Thermax Ltd. v. Deputy CWT [2008] 299 ITR (AT) 141 (Pune) was relied upon, however, the learned Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue of the motor cars for the purpose of computing the net wealth of the assessee, the Commissioner of Wealth- tax (Appeals) confirmed the action of the Assessing Officer. On second appeal, the Tribunal was also in agreement with the lower authorities in part as the Tribunal confirmed the action of the Assessing Officer in adopting the value adopted on the basis of valuation shown for insurance purposes. However, the Assessing Officer was directed to estimate 80 per cent. of the insurance value. 9. Similar issue came before the Pune Bench in the case of Thermax Ltd. [2008] 299 ITR (AT) 141 (Pune). The Pune Bench following the decision of the Mumbai Bench in the case of Samrath Knitters P. Ltd. [1997] 60 ITD 657 (Mum), the Tribunal has h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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