05 September 2012
The value of Motor Cars for the computation of Net Wealth will be WDV figures as computed after applying depreciation under the Income Tax Act.
Depreciation entry as passed in books in terms of the Companies' Act (Sch XIV), and value of fixed assets as appearing in the Balance Sheets is not relevant for these purposes. Hope it is clear now.
Can you please give reference of some case laws as there are various answers are given e.g. somebody is saying that insured value as on 31st March is consider.
CAclubindia
