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2016 (4) TMI 412 - AT - Wealth-taxComputation of WDV of the Motor Cars under section 32 or as per rule 20 of the Wealth tax Rules - CIT(A) deleted the addition made by the A.O. in the valuation of the motor cars - Held that:- We agree with the contention of of ld AR that the assessee could not gather the information in respect of the insured value of the vehicles being large number of leased out vehicles. The value of motor cars adopted by the assessee has been upheld by the CWT(A) in view of the judgment of case of T.V. Sundaram Iyenger and Sons Ltd. (2006 (1) TMI 45 - HIGH COURT, MADRAS). wherein the WDV of cars was held as basis of market value in the absence of any material produced by the Revenue to show that WDV didn’t represent the market value of the vehicle. - Decided against revenue Debt claimed by the assessee in relation to taxable assets - Held that:- We find that the assigning of debt on proportionate basis towards assets liable for wealth tax is a more reasonable and judicious method rather than making a arbitrary estimate by the Assessing officer. The CWT(A) has given a reasoned findings on the issue in dispute and, therefore, no interference is required in his findings on the issue discarding the estimate of debt made by the A.O. and accepting the assessee’s estimate holding it to be scientific without elucidating the reasons for the same.- Decided against revenue
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