TMI Blog2006 (1) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeal) Nos. 1027 to 1030 of 2005 - - - Dated:- 24-1-2006 - JUDGMENT The judgment of the court was delivered by P.P.S. JANARTHANA RAJA J.- The present appeals are filed under Section 27-A of the Wealth TaxAct, 1957 by the Revenue, in W.T.A. Nos.208/Mds/93, 209/Mds/93, 1215/Mds/93 354/Mds/94, passed by the Income Tax Appellate Tribunal, Madras, 'D' Benchraising the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the order, the assessee filed an appeal to the Commissioner of Income Tax ( Appeals). The Commissioner of Income Tax (Appeals) directed the Assessing Officer to adopt the following method to arrive at the market value of the vehicles. For the vehicles purchased before the last quarter but during the relevant previous year, 9% of the cost of acquisition should be taken as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the book value should be taken as the fair market value for for the purpose of wealth tax. The learned counsel for the Revenue submitted that the written down value of the vehicles should not be taken as the market value, for wealth tax purpose. Further it was submitted that the Commissioner of Income-tax (Appelas) had reached a via media between the insured value and the written down value and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n case. No material is produced before us by the Revenue to show that the written down value does not represent the market value of the vehicle. 6. In view of the foregoing conclusions, we find no error in the order of the Income Tax Appellate Tribunal and hence no substantial question of law arises for consideration of this Court. Hence, the above tax cases are dismissed. No costs. Conseq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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