2002 (7) 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

..... if the value arrived at by applying rule 1BB does not exceed the value as per the books by 20 percent, then he shall not apply rule 2B(2) in respect of the immovable property?" - we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue. - - - - - Dated:- 1-7-2002 - Judge(s) : Y. R. MEENA., SHASHI KANT SHARMA. JUDGMENT On an application under secti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ve effect. This rule provides the method for valuing a house wholly or mainly used for residential purpose and when choice is given, the value of the property can be ascertained by applying rule IBB of the Wealth-tax Rules, 1957. Mr. Ranka further submits that by applying rule 1BB, the value of the property as per books does not exceed by 20 percent, therefore, rule 2B(2) has also no application. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X