https://www.taxtmi.com/caselaws?id=67147 For a let-out property, valuation should ordinarily follow the rent capitalisation method, and reversionary value should not be separately added where that basis is used. Although Schedule III of the Wealth-tax Act, 1957 was not applicable to the assessment years in question, its rent capitalisation principles were treated as the proper guide for valuing the showroom, and the valuation based on comparable sales and separate reversionary value was rejected. The estimate of vehicle values was upheld because the Assessing Officer had given reasons, no material showed the estimates to be unfair or unreasonable, and the assessee had accepted the earlier year's valuation. en-us Mon, 24 Apr 1995 00:00:00 +0530 Wed, 09 Mar 2011 12:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67147 For a let-out property, valuation should ordinarily follow the rent capitalisation method, and reversionary value should not be separately added where that basis is used. Although Schedule III of the Wealth-tax Act, 1957 was not applicable to the assessment years in question, its rent capitalisation principles were treated as the proper guide for valuing the showroom, and the valuation based on comparable sales and separate reversionary value was rejected. The estimate of vehicle values was upheld because the Assessing Officer had given reasons, no material showed the estimates to be unfair or unreasonable, and the assessee had accepted the earlier year's valuation. Case-Laws Wealth-tax Mon, 24 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67147