1983 (2) TMI 91 - AT - Wealth-tax

Summary

The dispute in the appeal under the WT Act is about the valuation of a commercial building named Union Bank of India building. The building's net ALV is Rs. 29,280 as per revenue, but the assessee valued it at Rs. 1,76,924. The Departmental Valuation Officer valued it at Rs. 3,80,200. The AAC adopted a valuation of Rs. 3,24,000 based on a multiplier of 11. The appellant argued for a lower multiplier and a different deduction for collection charges. The Tribunal held that a multiplier of 10% is appropriate, resulting in a valuation of Rs. 2,82,000. The appeal was partly allowed.