Rule 1BB governs valuation of a self-occupied house, requiring prescribed valuation instead of purchase price.

Rule 1BB governed the valuation of a self-occupied residential house for the assessment years covered by the provision, and wealth-tax authorities were required to apply that prescribed method rather than substitute the purchase price as market value. Because the property was self-occupied and the relevant years fell within the rule's operative period, the valuation had to be made strictly in accordance with Rule 1BB. The wealth-tax officer's adoption of the purchase price was therefore displaced in favour of valuation under the rule.

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Issues: Whether rule 1BB applied to the valuation of the assessee's self-occupied house for the assessment years in question, and whether the wealth-tax authorities were bound to value the property in accordance with that rule instead of adopting the purchase price.

Analysis: The assessment years under appeal fell within the period when rule 1BB remained operative. The rule was treated as having binding effect on the valuation of self-occupied residential property, on the same footing as mandatory valuation rules recognised by the Supreme Court. Since the property was self-occupied, its value had to be determined under the prescribed rule rather than by substituting the purchase price as the market value.

Conclusion: Rule 1BB was held applicable to the assessee's self-occupied house for all the years under consideration, and the valuation adopted by the wealth-tax officer was set aside in favour of valuation under rule 1BB.

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