https://www.taxtmi.com/caselaws?id=62696 Where a residential property is mainly used for residence, valuation under Rule 1BB of the Wealth-tax Rules applies, while a claim to value it by reference to 1 April 1971 under section 7(4) fails unless exclusive residential use is shown. The self-occupied property was therefore brought within Rule 1BB, but not section 7(4). For a fully let out property, the gross maintainable rent is the actual rent received or receivable, and that figure cannot be replaced by a notional rent merely because the tenant is a bank. The rental valuation, including the treatment of collection charges and the multiplier applied, was upheld. en-us Tue, 15 Jan 1985 00:00:00 +0530 Fri, 21 Jan 2011 11:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62696 Where a residential property is mainly used for residence, valuation under Rule 1BB of the Wealth-tax Rules applies, while a claim to value it by reference to 1 April 1971 under section 7(4) fails unless exclusive residential use is shown. The self-occupied property was therefore brought within Rule 1BB, but not section 7(4). For a fully let out property, the gross maintainable rent is the actual rent received or receivable, and that figure cannot be replaced by a notional rent merely because the tenant is a bank. The rental valuation, including the treatment of collection charges and the multiplier applied, was upheld. Case-Laws Wealth-tax Tue, 15 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62696