1988 (6) TMI 59 - AT - Wealth-tax

Summary

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