1990 (11) TMI 50 - HC - Wealth-tax

Summary

The High Court of Allahabad held that there is no conflict between section 24(6) of the Wealth-tax Act and rule 1D of the Wealth-tax Rules. The court stated that arbitrators are bound to follow rule 1D even on a reference under section 24(6). The Revenue cannot rely on rule 1D if no objection was raised to the valuation made by the arbitrators based on that rule. The court declined to answer question No. 3 as it did not arise.