https://www.taxtmi.com/caselaws?id=64591 In wealth-tax assessment, an asset value cannot be substituted through rectification on the basis of a valuation report received after completion of assessment, because valuation is an estimation exercise and later material cannot retrospectively justify alteration. A factory building transferred for full consideration, with possession delivered and enjoyed by the transferee, was not includible in the transferor-company's net wealth on the valuation date, reflecting the relevance of beneficial ownership over bare legal title. For adjoining land, rent-capitalisation was accepted as the proper valuation method, and the appellate multiplier was treated as reasonable on the evidence. en-us Mon, 16 Mar 1998 00:00:00 +0530 Tue, 08 Feb 2011 17:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64591 In wealth-tax assessment, an asset value cannot be substituted through rectification on the basis of a valuation report received after completion of assessment, because valuation is an estimation exercise and later material cannot retrospectively justify alteration. A factory building transferred for full consideration, with possession delivered and enjoyed by the transferee, was not includible in the transferor-company's net wealth on the valuation date, reflecting the relevance of beneficial ownership over bare legal title. For adjoining land, rent-capitalisation was accepted as the proper valuation method, and the appellate multiplier was treated as reasonable on the evidence. Case-Laws Wealth-tax Mon, 16 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64591