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2015 (4) TMI 950 - AT - Wealth-taxReopening of assessment - addition made on account of valuation of cars - Held that:- Assessee declared the value of motor cars on the basis of the written down value as per the balance sheet, however, the Assessing Officer adopted the insurance value as the value of the motor cars for the purpose of computing the net wealth of the assessee, the Commissioner of Wealth- tax (Appeals) confirmed the action of the Assessing Officer. On second appeal, the Tribunal was also in agreement with the lower authorities in part as the Tribunal confirmed the action of the Assessing Officer in adopting the value adopted on the basis of valuation shown for insurance purposes. However, the Assessing Officer was directed to estimate 80 per cent. of the insurance value. - Following decision of Samrath Knitters P. Ltd. [1996 (11) TMI 99 - ITAT BOMBAY-B] and Thermax Ltd. [2006 (12) TMI 484 - ITAT PUNE] - Decided in favour of assessee.
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