2000 (11) TMI 21 - HC - Income Tax

Summary

The High Court of Madras ruled that the method adopted by the Tribunal to assess the value of a building for wealth-tax purposes was acceptable. The building's value was determined by considering the cost of construction, land value, and rental value, excluding the value attributed to lifts and electrical installations not owned by the assessee. The average value derived from these methods was deemed appropriate, being about twenty percent less than the value determined solely by the rental method. The Court favored the assessee over the Revenue in this judgment.