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2015 (4) TMI 230 - MADRAS HIGH COURT

2015 (4) TMI 230 - MADRAS HIGH COURT - TMI - Valuation of property - Whether Tribunal was right in holding that the written down value of the cars and jeeps owned by the assessee should be taken as the market value for the purposes of wealth tax - Held that:- Following decision of Commissioner of Wealth Tax v. T.V.Sundaram Iyengar and Sons Ltd. [2006 (1) TMI 45 - HIGH COURT, MADRAS] - there is no material produced before us by the Revenue to show that the written down value does not represent th .....

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unal,"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 case, the Tribunal was right in holding that the valuation of the assessee company's immovable property should be as per Rule 1BB/Schedule III of the Wealth Tax Rules, although the difference between unbuilt area and specified area exceeded 20% of aggre .....

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in holding that the written down value of the cars and 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 view of the said submission made by the learne .....

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