1986 (6) TMI 51 - AT - Income Tax

Summary

The appeals by the Revenue related to the assessment years 1978-79 to 1980-81. The issue was the valuation of a house property under section 7(4) of the Wealth Tax Act. The assessing officer valued the property at Rs. 9,34,650, but the AAC directed it to be valued at Rs. 2,17,400. The Tribunal agreed with the AAC that the conditions of section 7(4) were satisfied, as the house was maintained for residential purposes. The appeals were dismissed.