Notional depreciation not allowable while computing value of assets for wealth tax

IN THE ITAT MUMBAI BENCH ‘WT’ Venus Records & Tapes (P.) Ltd. Versus Assistant Commissioner of Wealth-Tax, Mumbai WT No. 72 (Mum.) of 2011 [ASSESSMENT YEAR 2005-06] JANUARY  23, 2013 ORDER Sanjay Arora, Accountant Member – This is an Appeal by the Assessee agitating the Order by the Commissioner of Wealth Tax (Appeals)-3, Mumbai (‘CWT(A)’ for short) dated 01.08.2011, dismissing the assessee’s appeal contesting its assessment under section 16(3) r.w.s 17 of the Wealth Tax Act, 1957 (‘the Act’ hereinafter) vide order dated 13....