https://www.taxtmi.com/caselaws?id=66777 House property let out on daily rent in a locality governed by rent control legislation was to be valued by the rent capitalisation method, using an 8.5 times multiple and the accountable person's higher figure if the computed value was lower; the assessees obtained relief. The bus shed and site valuation based on an inspector's estimate was reduced because the same asset had been accepted in wealth-tax proceedings at a much lower figure without justification for a steep enhancement. Interest under section 53(3) was confined to the prescribed 6 per cent rate, and the excess was deleted. Interest under section 70(2) could not be levied at the assessment stage from the date of death and was deleted. en-us Thu, 18 May 1989 00:00:00 +0530 Mon, 07 Mar 2011 12:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66777 House property let out on daily rent in a locality governed by rent control legislation was to be valued by the rent capitalisation method, using an 8.5 times multiple and the accountable person's higher figure if the computed value was lower; the assessees obtained relief. The bus shed and site valuation based on an inspector's estimate was reduced because the same asset had been accepted in wealth-tax proceedings at a much lower figure without justification for a steep enhancement. Interest under section 53(3) was confined to the prescribed 6 per cent rate, and the excess was deleted. Interest under section 70(2) could not be levied at the assessment stage from the date of death and was deleted. Case-Laws Income Tax Thu, 18 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66777