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Commissioner Of Wealth Tax vs Hindustan Motors Limited on 10 March, 1976 cites

Commissioner Of Wealth-Tax, Calcutta, ... vs Tungabhadra Industries Ltd., Calcutta on 8 August, 1969

It is true, as described in the Statement of the case, that it was not disputed that adequate depreciation could not be provided for in the balance sheet on account of paucity of profits. But we are unable to hold that merely a statement to that effect is sufficient to discharge the onus which rests upon the assessee to establish that the value of the 583 assets shown in the balance sheet is not the real value of the assets as on the valuation date. If the contention of the learned counsel is accepted, it will be tantamount to laying down a rule that in determination of the value of assets the written down value allowable under the Income-tax Act shall always be the value of the assets. In that event, there would be no necessity for any exercise by the Wealth- tax officer. That is, however, not the intention of section 7 which clearly shows that the Wealth-tax officer may make such adjustments in the value of the assets shown in the balance sheet in accordance with the requirements of the circumstances disclosed by the assessee. Those circumstances which will be disclosed by the assessee must relate to the determination of the real value of the assets irrespective of what is shown in the balance sheet if the assessee seeks a lower figure than appearing in the same. Thus onus is not discharged by merely stating that since profits in a given year are less or nil little or no provision was made for depreciation of the assets in the balance sheet. The assessee must also show further to what extent the depreciation has resulted in lowering the value of the assets compared to that mentioned in the balance sheet and whether the written down value computed under the Indian Income-tax Act in fact represents the lower value. It is open, as observed by this Court in the case of Tungabhadra Industries (supra), to establish after producing relevant material that the value of the fixed assets in the balance sheet is artificially inflated. Further in case the assessee wants the written down value to be accepted, it is open to him to establish, as mentioned in that case, by acceptable reason, that the written down value represents the proper value of the assets at the relevant date.
Supreme Court of India Cites 9 - Cited by 17 - V Ramaswami - Full Document

Commissioner Of Wealth-Tax (Central) vs Mohan Lal Nopany on 19 September, 1969

Mrs. Seth drew our attention to a decision of the Calcutta High Court in the Commissioner of Wealth-tax (Central) Calcutta v. Mohan Lal Nopany. This was a case of break up value of certain shares of a company. There was material in that case to indicate that the balance sheet did not represent the correct value of the shares. The observation in that case must be taken to be confined to its own facts. To the extent observations are made in that contrary to the view we have taken in the matter, we cannot agree with them.
Calcutta High Court Cites 18 - Cited by 4 - S Mukharji - Full Document

Commissioner Of Wealth-Tax, West ... vs Aluminium Corporation Of India Ltd. on 7 August, 1969

The learned counsel also drew our attention to a decision of this Court in the Commissioner of Wealth-tax, West Bengal v. Aluminium Corporation of India Ltd., (1) where at page 172 there is an observation that the value of the assets shown in the balance sheet is not conclusive. The value of the assets shown in the balance sheet is not conclusive in the sense that it can be demonstrated to be more or less than what is shown therein. That is the core of determination under section 7(2) (a) of the Act. The observation of this Court in the above case has to be understood only in that context.
Supreme Court of India Cites 5 - Cited by 11 - V Ramaswami - Full Document
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