https://www.taxtmi.com/caselaws?id=64451 The Tribunal upheld the assessees' valuation under Rule 1BB of the Wealth-tax Rules for the assessment year 1977-78. It clarified that the Valuation Officer, when referred under section 7(3), is not bound by Rule 1BB, as the officer operates independently in such cases. The Tribunal emphasized the distinction between the roles of the Valuation Officer and the WTO, stating that the former is not bound by the rules applicable to the latter. As the valuation was conducted under Rule 1BB without objections, the Tribunal dismissed the appeals in favor of the assessees. en-us Mon, 27 Nov 1989 00:00:00 +0530 Mon, 07 Feb 2011 18:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64451 The Tribunal upheld the assessees' valuation under Rule 1BB of the Wealth-tax Rules for the assessment year 1977-78. It clarified that the Valuation Officer, when referred under section 7(3), is not bound by Rule 1BB, as the officer operates independently in such cases. The Tribunal emphasized the distinction between the roles of the Valuation Officer and the WTO, stating that the former is not bound by the rules applicable to the latter. As the valuation was conducted under Rule 1BB without objections, the Tribunal dismissed the appeals in favor of the assessees. Case-Laws Wealth-tax Mon, 27 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64451