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of <h1>Court upholds valuation method in Wealth-tax Act case, rejects lower valuation, emphasizes Department's discretion.</h1> <h3>UNV. Pratap Versus Commissioner Of Wealth-Tax</h3> UNV. Pratap Versus Commissioner Of Wealth-Tax - [1988] 170 ITR 461, 65 CTR 188, 34 TAXMANN 406 The High Court of Andhra Pradesh addressed valuation of a cinema theatre in a Wealth-tax Act case. The Tribunal's valuation method was upheld, rejecting the assessee's lower valuation. The court emphasized that the Department is not obligated to choose the more favorable valuation for the assessee.
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