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2010 (9) TMI 824 - HC - Wealth-taxValue of the properties - The value of the immovable property, as business asset of the assessee has to be taken in accordance with rule 3 of Part B in Schedule III appended to the Wealth-tax Act. It is only if any condition under rule 8 is satisfied, that the assessing authority could have referred to and determined the value under rule 20. The provisions of rule 14(2)(b) are not applicable to the present case as no depreciation is admissible to the asset being immovable property as shown in the account books of the assessee with a definite value, valuation of the immovable property as business asset, has to be determined in accordance with the rules, and not on assumptions, the question of law is answered accordingly and the wealth-tax appeal is dismissed.
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