2002 (7) TMI 79 - HC - Wealth-tax

Wealth Tax, Valuation Of Immovable Property - Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to arrive at the value of the immovable property by applying rule 1BB and further in directing if the value arrived at by applying rule 1BB does not exceed the value as per the books by 20 percent, then he shall not apply rule 2B(2) in respect of the immovable property? - we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue.

Summary

The High Court of Rajasthan ruled in favor of the assessee in a Wealth-tax Act case. The Tribunal's decision to value immovable property using rule 1BB was upheld, and rule 2B(2) was deemed inapplicable. The judgment was based on the apex court's decision that rule 1BB has retrospective effect. The question referred by the Tribunal was answered in favor of the assessee.