https://www.taxtmi.com/caselaws?id=67533 Revisionary jurisdiction under section 24(2) of the Gift-tax Act was considered in relation to valuation of gifted property under Schedule III of the Wealth-tax Act. The valuation rules introduced by Schedule II from 1-4-1989 were treated as mandatory and procedural, and therefore applicable to pending matters. Where the Assessing Officer adopted the prescribed recognised valuation method, and no legally sustainable basis was shown for treating rule 3 as impracticable on the facts, the assessment could not be characterised as erroneous or prejudicial to the revenue. On that basis, the revision was unjustified. en-us Thu, 18 Jan 1996 00:00:00 +0530 Fri, 11 Mar 2011 11:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67533 Revisionary jurisdiction under section 24(2) of the Gift-tax Act was considered in relation to valuation of gifted property under Schedule III of the Wealth-tax Act. The valuation rules introduced by Schedule II from 1-4-1989 were treated as mandatory and procedural, and therefore applicable to pending matters. Where the Assessing Officer adopted the prescribed recognised valuation method, and no legally sustainable basis was shown for treating rule 3 as impracticable on the facts, the assessment could not be characterised as erroneous or prejudicial to the revenue. On that basis, the revision was unjustified. Case-Laws Income Tax Thu, 18 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67533