Allowing the appeal of the assessee the Court held that undisclosed hundis valued under income -tax Act  cannot be adopted for purposes of wealth-tax Act. The value of an asset for the purposes of the Wealth-tax Act, 1957 is to be determined strictly in terms of the provisions of section 7 and not by any other mode. Section 7 lays down that subject to the provisions of sub-section (2), the value of any asset, other than cash, for the purposes of this Act shall be its value as on the valuation date determined in the manner laid down in Schedule III. Rule 14 of Schedule III provides that the value of any asset in its books should be taken as the value for wealth-tax purposes. ( AY.1992-93)