Valuation of life interest

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..... an assessee shall be arrived at by multiplying the average annual income that accrued to the assessee from the life interest by (1/P+d)-1 where "P" represents the annual premium for a whole life insurance without profits on the life of the life tenant for unit sum assured as specified in the Appendix to these rules, and "d" is equal to i /(1+i), "i" being the rate of interest. Explanation.-- Fo .....

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..... m. (2) Notwithstanding anything contained in sub-rule (1),-- (a) the Wealth-tax Officer may, if he is of the opinion that in the case of the life tenant a life insurance company would not take the risk of insuring his life at the normal premium rates in force but would demand a higher premium, vary the valuation suitably ; (b) the value of the life interest so determined shall, in no case, e .....

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