https://www.taxtmi.com/caselaws?id=70608 The Tribunal canceled the reassessment of wealth-tax for the year 1976-77 based on a valuation report from the subsequent year 1977-78. It held that the subsequent year's valuation report did not qualify as valid information for reopening the assessment. The Tribunal agreed with the assessee that the proper method for valuation of rented properties is the rental method, not the land and building method. As a result, the reassessment was deemed unjustified and lacking jurisdiction, leading to the appeal being allowed in favor of the assessee. en-us Sat, 07 Jul 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70608 The Tribunal canceled the reassessment of wealth-tax for the year 1976-77 based on a valuation report from the subsequent year 1977-78. It held that the subsequent year's valuation report did not qualify as valid information for reopening the assessment. The Tribunal agreed with the assessee that the proper method for valuation of rented properties is the rental method, not the land and building method. As a result, the reassessment was deemed unjustified and lacking jurisdiction, leading to the appeal being allowed in favor of the assessee. Case-Laws Wealth-tax Sat, 07 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70608