https://www.taxtmi.com/caselaws?id=69863 Rule 1BB of the Wealth-tax Rules was treated as applicable to the valuation of a company's property when wealth-tax was revived for closely-held companies under Section 40 of the Finance Act, 1983. The valuation framework under Section 7 of the Wealth-tax Act continued to govern, and the exclusion in Section 40(5) did not remove Section 7(1) or the rules made under it. Rule 1BB was described as a beneficial and uniform valuation method, applicable even where valuation was referred to the Valuation Officer. A discretionary direction to appeal under Section 24(2) had to be exercised fairly and without discrimination; on the facts stated, the appeal was considered untenable. en-us Thu, 30 Aug 1990 00:00:00 +0530 Tue, 12 Apr 2011 14:51:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69863 Rule 1BB of the Wealth-tax Rules was treated as applicable to the valuation of a company's property when wealth-tax was revived for closely-held companies under Section 40 of the Finance Act, 1983. The valuation framework under Section 7 of the Wealth-tax Act continued to govern, and the exclusion in Section 40(5) did not remove Section 7(1) or the rules made under it. Rule 1BB was described as a beneficial and uniform valuation method, applicable even where valuation was referred to the Valuation Officer. A discretionary direction to appeal under Section 24(2) had to be exercised fairly and without discrimination; on the facts stated, the appeal was considered untenable. Case-Laws Wealth-tax Thu, 30 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69863