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2018 (1) TMI 1250 - HC - Wealth-taxCorrect fair market value of the property as on the relevant valuation date - value declared by assessee - Held that:- As decided in CIT Vs. Akshay Textiles and Agencies Pvt. Ltd. [2007 (10) TMI 251 - BOMBAY HIGH COURT] annual letting value has to be determined on basis of annual rent received by the assessee and not what has been received by its tenants from the ultimate users. The emphasis placed upon expression “rent received or receivables” in explanation (2) to Rule 5 ought not to be given wide interpretation as is sought to be urged. For these reasons, the first question of law framed is answered against the Revenue and in favour of the assessee. Valuation of the Mercedes Benz Car - whether value of the Mercedes Benz Car could not be included in the net wealth of the Assessee? - Held that:- As held on facts that though the Mercedes Car was held by the assessee in his name, it was in fact funded and maintained by his Foreign Principal, on whose behalf it was held by him. The foreign principal did not have any office or branch in India. The ITAT had taken note of all these facts and vide it its order dated 5.11.2011 for a previous year deleted a similar inclusion of the value of the car. This reasoning persuaded the ITAT in the facts of the present case for the current Assessment Year to direct the deletion of such value. Being concurrent findings of facts and having regard to the circumstances that the car was funded by the assessee’s foreign principal and apparently also maintained on its behalf, the question of law is answered in favour of the assessee
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