https://www.taxtmi.com/caselaws?id=67809 Section 7(4) of the Wealth-tax Act was treated as a procedural valuation provision and, on that basis, applied to assessments pending when it came into force; the valuation accepted for an earlier year in respect of the self-occupied property was carried forward for the year under discussion. For the commercial let-out property, the capitalisation multiple for net maintainable rent was reduced from 12 to 10 because no reason was given for the higher figure and the property's commercial, let-out character supported the lower multiple. The overall result was that the Revenue's challenge failed and the assessee obtained relief on the valuation method applied. en-us Mon, 11 Jan 1982 00:00:00 +0530 Mon, 14 Mar 2011 17:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67809 Section 7(4) of the Wealth-tax Act was treated as a procedural valuation provision and, on that basis, applied to assessments pending when it came into force; the valuation accepted for an earlier year in respect of the self-occupied property was carried forward for the year under discussion. For the commercial let-out property, the capitalisation multiple for net maintainable rent was reduced from 12 to 10 because no reason was given for the higher figure and the property's commercial, let-out character supported the lower multiple. The overall result was that the Revenue's challenge failed and the assessee obtained relief on the valuation method applied. Case-Laws Wealth-tax Mon, 11 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67809