9911796707
TMI Blog2006 (1) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... e market value for the purpose of wealth tax - Held that WDV value shall considered for the purpose of wealth tax X X X X Extracts X X X X X X X X Extracts X X X X ..... current market value. Aggrieved by the order, the assessee filed an appeal to the Commissioner of Income Tax ( Appeals). The Commissioner of Income Tax (Appeals) directed the Assessing Officer to adopt the following method to arrive at the market value of the vehicles. For the vehicles purchased before the last quarter but during the relevant previous year, 9% of the cost of acquisition should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that the book value should be taken as the fair market value for for the purpose of wealth tax. The learned counsel for the Revenue submitted that the written down value of the vehicles should not be taken as the market value, for wealth tax purpose. Further it was submitted that the Commissioner of Income-tax (Appelas) had reached a via media between the insured value and the written down valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Appellate Tribunal and hence no substantial question of law arises for consideration of this Court. Hence, the above tax cases are dismissed. No costs. Consequently, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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