9911796707
TMI Blog2015 (4) TMI 230X X X X Extracts X X X X X X X X Extracts X X X X ..... livered by R. Sudhakar, J.) These appeals are filed by the Revenue under Section 27A of the Wealth Tax Act against the order of the Income Tax Appellate Tribunal,"D' Bench, Chennai, dated 27.11.2002 made in W.T.A.Nos.204 to 207/Mds/93, 447/Mds/1994, 85/Mds/1996, and 86/Mds/1996 and the same were admitted on the following questions of law: (i) Whether on the facts and circumstances of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd jeeps owned by the assessee should be taken as the market value for the purposes of wealth tax?" That apart, he submits that the pleadings and grounds raised in the affidavits filed in support of these appeals relate only to the above sole question of law and there is no pleading or ground raised in relation to the two substantial questions of law on which these appeals are admitted. 3. In vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the very same question of law, held as under: "5. We heard the arguments. In this case, what is shown in the books was offered for wealth-tax assessments. The Assessing Officer had merely adopted the insured value of the vehicles as the market value. The Assessing Officer ought to have determined the market value for each vehicle, instead of merely adopting the value which was offered to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand, there is no material produced before us by the Revenue to show that the written down value does not represent the market value of the vehicles. Therefore, the said decision applies to the facts of the present case on all fours. 7. In such view of the matter, these appeals are dismissed answering the sole substantial question of law against the Revenue and in favour of the assessee. No cost ..... X X X X Extracts X X X X X X X X Extracts X X X X
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