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2015 (4) TMI 1316 - AT - Income TaxValuation of motor cars - HELD THAT:- As decided in own case we find that the Assessing Officer had valued the motor cars as per Rule 14(2)(a)(i) of Schedule-III of the Wealth Tax Act, 1957. That the Schedule-III of the Wealth Tax Act provides the rules for the valuation of the assets. The Assessing Officer has valued the assets as per rules prescribed under the Act for the valuation of assets. In view of the above, we find no merit in ground No.1, 1.1 & 1.2 of the assessee’s appeal. The same are rejected. Non-allowance of deduction for the debt owed by the assessee in respect of taxable assets - AO did not accept the assessee’s claim on the ground that the assessee has not been able to prove that the debt was Incurred in relation to the motor cars - HELD THAT:- The assessee has referred to the balance sheet of the assessee as on the valuation date from which it is evident that the share capital and reserves and surplus taken together is ₹ 45.88 crores while the accumulative loss was ₹ 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
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