https://www.taxtmi.com/caselaws?id=62546 Schedule III of the Wealth-tax Act was stated to apply to pending valuation exercises because section 7 is procedural and the Schedule was introduced to ensure certainty and uniformity in valuation. For a composite property used partly as a residence and partly as a nursing home, where the land could not be separately severed between residential and commercial use, the land and building method was considered unsuitable. The rent capitalisation method recognised in Schedule III was identified as the proper basis for valuation, and the Wealth-tax Officer was said to be empowered to apply Rule 8 of Part B of Schedule III where applicable. en-us Tue, 14 Jun 1994 00:00:00 +0530 Thu, 20 Jan 2011 13:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62546 Schedule III of the Wealth-tax Act was stated to apply to pending valuation exercises because section 7 is procedural and the Schedule was introduced to ensure certainty and uniformity in valuation. For a composite property used partly as a residence and partly as a nursing home, where the land could not be separately severed between residential and commercial use, the land and building method was considered unsuitable. The rent capitalisation method recognised in Schedule III was identified as the proper basis for valuation, and the Wealth-tax Officer was said to be empowered to apply Rule 8 of Part B of Schedule III where applicable. Case-Laws Wealth-tax Tue, 14 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62546