9911796707
TMI Blog1996 (2) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has a four-storeyed R. C. C. building at J. C. Das Road, Panbagar, Guwahati. The said building was and has been used for commercial purpose. The Wealth-tax Officer mentioned that the value of the building as per the valuer's report dated July 13, 1977, was Rs. 4,98,000. The Wealth-tax Officer, however, felt that the valuation assessed by the valuer was much on the lower side inasmuch as the value of the land and the building by efflux of time had appreciated to a great extent. The annual rent of the building was Rs. 1,20,000. The Wealth-tax Officer in order to determine the market value of the building applied the provisions of the Assam Urban Areas Rent Control Act, 1972. As per the said valuation the total value of the prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhuyan, learned junior counsel. None appears for the respondent. Mr. Joshi submits before us that the Tribunal without proper application of mind passed the order justifying the order passed by the Appellate Assistant Commissioner. He submits that there is no such provision for multiplication of the rental amount by ten times. In this connection, Mr. Joshi has drawn our attention to section 7 of the Wealth-tax Act, 1957, and also rule 1BB of the Wealth-tax Rules, 1957, as those stood at the relevant time. As per section 7(1) of the Wealth-tax Act, 1957, as it stood at the relevant time, the value of any asset, other than cash, for the purpose of this Act should be estimated to be the price which in the opinion of the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of the part of the house used for residential purposes by the fraction 100/8 ; and (b) the amount arrived at by multiplying the net maintainable rent in respect of the remaining part of the house, if any, by the fraction 100/9 : Provided that in relation to a house which is built on leasehold land, this sub-rule shall have effect as if for the fraction 100/8 in clause (a) or as the case may be, the fraction 100/9 in clause (b), the fractions 100/9 and 100/10, respectively, had been substituted." The above rule is applicable only in respect of house which is wholly or mainly used for residential purpose and if it is for that purpose, the market value can be arrived at by multiplying as enumerated in the said rule. Admittedly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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