https://www.taxtmi.com/caselaws?id=63520 For wealth-tax valuation under the yield method, actual rent was accepted as the proper basis where the assessee failed to show that the contracted rent was not the standard rent, was abnormal, or was otherwise not maintainable; the valuation based on actual rent was therefore sustained. On exemption under section 5(1)(iv) of the Wealth-tax Act, the expression "belonging to" was read as requiring only a sufficient interest, not full registered ownership, and possession protected by section 53A of the Transfer of Property Act was treated as enough for the limited exemption. The exemption claim was thus upheld. en-us Thu, 25 Jul 1985 00:00:00 +0530 Mon, 31 Jan 2011 14:51:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63520 For wealth-tax valuation under the yield method, actual rent was accepted as the proper basis where the assessee failed to show that the contracted rent was not the standard rent, was abnormal, or was otherwise not maintainable; the valuation based on actual rent was therefore sustained. On exemption under section 5(1)(iv) of the Wealth-tax Act, the expression "belonging to" was read as requiring only a sufficient interest, not full registered ownership, and possession protected by section 53A of the Transfer of Property Act was treated as enough for the limited exemption. The exemption claim was thus upheld. Case-Laws Wealth-tax Thu, 25 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63520