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2018 (8) TMI 994 - BOMBAY HIGH COURTValuation of net wealth - unaccounted wealth on account of seized hundis - ITAT reduced the value of seized hundies by 25% while rejecting the appellant's contention that, it should be valued at ₹ 6,20,000/- - Held that:- the value of asset for the purposes of this Act is to be determined strictly in terms of the provisions of this Section and not by any other mode. Rule 14 of Schedule-III of the Wealth Tax Act provides that the value of any asset in its books should be taken as the value for wealth tax purposes. In the case in hand, the Wealth Tax Officer, CWT (Appeals), as well as, the Tribunal has not done the aforesaid exercise, but instead adopted value of such inchoate instruments as found in the proceedings under the Income-Tax Act. In our view, the mode adopted to determine the value of the Bills of Exchange/hundis by the authorities under the Wealth Tax Act, as well as, by the Tribunal was contrary to the provisions of Section 7 of the Wealth-Tax Act. - Decided in favor of assessee.
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