1987 (4) TMI 134 - AT - Wealth-tax

Summary

The appeal is related to the valuation of a residential house under r. 1BB. The assessee added 30% to the capitalised value of the maintainable rent due to excess unbuilt land. The WTO added Rs. 4,50,000 for considering 45 cents of land as independent property. The Tribunal held that the entire property should be treated as one unit under r. 1BB, deleting the additional amount added by the WTO. The appeal was allowed. (Case: Appellate Tribunal ITAT MADRAS-C, Citation: 1987 (4) TMI 134 - ITAT MADRAS-C)