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Commissioner of Wealth Tax, Madurai Versus TV. Sundaram Iyengar And Sons Ltd., Madurai

2015 (4) TMI 230 - MADRAS HIGH COURT

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 .....

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e said decision applies to the facts of the present case on all fours - Decided against Revenue. - TC (A) Nos. 1212 to 1218 of 2007 - Dated:- 19-3-2015 - R. Sudhakar And R. Karuppiah,JJ. For the Appellant : Mr M Swaminathan, Standing Counsel For the .....

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.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 val .....

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umstances of the case, the Tribunal was right in holding that premises leased out and used by the lessee as factory godown, etc., is not subject to wealth tax?" 2. Even though these appeals were admitted the above questions of law, the learned c .....

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e 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 .....

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question that needs consideration is"Whether in the facts and circumstances of the case, the 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 purpos .....

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d.) has answered the very same question of law in favour of the assessee and against the Revenue. 5. In Commissioner of Wealth Tax v. T.V.Sundaram Iyengar and Sons Ltd., (2007) 289 ITR 284 (Mad.), this Court while answering the very same question of .....

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r ought to have determined the market value for each vehicle, instead of merely adopting the value which was offered to the insurance company by the assessee. The Assessing Officer did not do anything except adopting the value offered to the insuranc .....

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