2000 (7) TMI 982 - HC - Wealth-tax

Summary

The High Court of Delhi ruled in favor of the assessee in a case involving valuation of property for wealth tax purposes. The Tribunal was not justified in estimating the property value higher than the amount declared by the assessee. The court referred to Section 16A of the Wealth Tax Act and a circular issued by the CBDT to support its decision. The references were disposed of accordingly.