1986 (10) TMI 79

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... alth-tax assessment for the assessment year 1977-78. We have heard the learned counsel for the assessee and the learned departmental representative, and have perused the material placed before us. The only ground raised in this appeal is about the adoption of a multiplier of 12.5 to the net annual rent of property being flat No. F-96 in a multistoreyed complex known as Himalaya House in Connaught .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s a case of acquisition of property while we have before us a case in which the fair market value of a property is to be determined for the purpose of wealth-tax. There are different considerations for determining the fair market value for different purposes. This was recognised by the Hon'ble Gujarat High Court itself in the aforesaid case. It was observed that for determining the fair market val .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in a building located in Connaught Place, New Delhi, said to be the finest shopping arcade in Asia. 2. Under rule 1BB of the Wealth-tax Rules, 1957, a multiplier of 100/9 is prescribed for determining the value of that portion of a residential building which is used for non-residential purposes. Here we are concerned with a building which is exclusively non-residential. We have also to keep in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X