Rajasthan High Court upholds Tribunal's valuation method in Wealth-tax Act case

The High Court of Rajasthan ruled in favor of the assessee in a Wealth-tax Act case, upholding the Tribunal's decision to value immovable property using rule 1BB and deeming rule 2B(2) inapplicable. The judgment was based on the apex court's decision that rule 1BB has retrospective effect, resulting in the question referred by the Tribunal being answered in favor of the assessee.

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The High Court of Rajasthan ruled in favor of the assessee in a Wealth-tax Act case. The Tribunal's decision to value immovable property using rule 1BB was upheld, and rule 2B(2) was deemed inapplicable. The judgment was based on the apex court's decision that rule 1BB has retrospective effect. The question referred by the Tribunal was answered in favor of the assessee.

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