https://www.taxtmi.com/caselaws?id=62713 The Appellate Tribunal ITAT Delhi allowed the appeals of the assessee for the assessment years 1981-82 and 1982-83. The Tribunal held that the valuation of the house property should be done in accordance with Rule 1BB of the Wealth Tax Rules, emphasizing the mandatory nature of the rule for valuation officers. Additionally, the portion of the property contributed to a partnership firm was deemed to belong to the firm, not the individual partner, and thus should not be included in the net wealth of the assessee. As a result, the appeals were allowed in favor of the assessee. en-us Fri, 29 Dec 1989 00:00:00 +0530 Fri, 21 Jan 2011 12:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62713 The Appellate Tribunal ITAT Delhi allowed the appeals of the assessee for the assessment years 1981-82 and 1982-83. The Tribunal held that the valuation of the house property should be done in accordance with Rule 1BB of the Wealth Tax Rules, emphasizing the mandatory nature of the rule for valuation officers. Additionally, the portion of the property contributed to a partnership firm was deemed to belong to the firm, not the individual partner, and thus should not be included in the net wealth of the assessee. As a result, the appeals were allowed in favor of the assessee. Case-Laws Wealth-tax Fri, 29 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62713