TMI Blog2002 (10) TMI 338X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant. N.P. Singh for the Respondent. ORDER G.C. Gupta, Judicial Member This Wealth-tax appeal by the assessee for the assessment year 1997-98 is directed against the order of the CWT(A). 2. The Ground of appeal No. 1 of the assessee is regarding the value of building under construction at Gangapur Road, Nasik amounting to Rs. 28,74,472. The Ld. Counsel for the assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has not claimed non-inclusion of incomplete building in the original return and it was an afterthought that it claimed so in the revised return. He argued that the CWT(A) has rightly distinguished defined the ratio of the decision of Hon ble Orissa High Court in 130 ITR 393 (Ori.) relied on by the assessee. 3. We have considered the rival submissions carefully. "Assets" has been defined i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e absence of any provision in the Act for inclusion of value of incomplete building, we hold that the value of the building under construction at Gangapur Road, Nasik is not includible in the computation of the net wealth of the assessee for the relevant valuation date. In this view of the matter the ground of appeal No. 1 of the assessee is allowed. 4. The Ground of appeal No. 2 of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We find no mistake in the Order of the CWT(A) in holding that insurance value does reflect the valuation of motor cars on the valuation date. It is also true that a suitable discount has to be allowed out of the value to arrive at the fair market value of the motor cars. Accordingly we consider it reasonable to allow 20 per cent discount on the insurance value of the motor cars and we direct that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
