1983 (2) TMI 91

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..... yr. Involved is 1978-79. Union Bank of India building is a commercial building and wholly tenanted and net ALV of the building in question is Rs. 29,280 as per revenue. The assessee in the course of assessment proceedings had got the said building valued as per land and building method at a figure of Rs. 1,76,924 and returned the same as its value. The WTO considering that the building in questio .....

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..... e, according to him, would work out to Rs. 1,800. He placed his working on the net ALV at Rs. 28,200 which finds place on the assessee's compilation at page 24. He submitted that the cases of commercial buildings are not wanting where valuation cell itself has adopted multiplier of 10 and in that regard he placed certain valuation reports on the assessee's compilation. 5. The ld. departmental r .....

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..... ential building as the said rule starts with the words : "1BB (1)—For the purposes of sub-section(1), the value of a house which is wholly or mainly used for residential purposes shall be the aggregate of the following amounts, namely, The contention of the ld. departmental representative, therefore, that r. 1BB should be the basis for working out the multiplier, is rejected. The WTO is dire .....

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