https://www.taxtmi.com/caselaws?id=70452 The Tribunal concluded that a part of a house used as an independent residential unit qualifies for beneficial valuation under section 7(4) of the Wealth-tax Act. The assessee met the conditions for 5/6th of the property but not for the remaining 1/6th used for business purposes. The Tribunal directed the valuation of 5/6th of the property under section 7(4) and the 1/6th portion at market value. The majority view favored the assessee, allowing the appeals in part and directing strict valuation of shares according to Rule 2B. en-us Fri, 13 Sep 1991 00:00:00 +0530 Sat, 16 Apr 2011 12:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70452 The Tribunal concluded that a part of a house used as an independent residential unit qualifies for beneficial valuation under section 7(4) of the Wealth-tax Act. The assessee met the conditions for 5/6th of the property but not for the remaining 1/6th used for business purposes. The Tribunal directed the valuation of 5/6th of the property under section 7(4) and the 1/6th portion at market value. The majority view favored the assessee, allowing the appeals in part and directing strict valuation of shares according to Rule 2B. Case-Laws Wealth-tax Fri, 13 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70452