Wealth-tax Officer can value property based on sale amount in subsequent assessment year

The High Court of Allahabad held that the Wealth-tax Officer can value the property based on the sale amount in a subsequent assessment year, rather than following rule 1BB.

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The High Court of Allahabad allowed the application regarding the valuation of a property for Wealth-tax purposes when it is sold at a higher amount in a subsequent assessment year. The court considered whether the Wealth-tax Officer can value the property based on the sale amount or must follow rule 1BB.

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