https://www.taxtmi.com/caselaws?id=70722 The Tribunal allowed the appeals concerning the valuation of an immovable property for wealth-tax assessments for the years 1977-78 and 1978-79. It upheld the valuation method accepted by the WTO, rejecting the Commissioner's jurisdiction under section 25(2) of the Wealth-tax Act to set aside the assessments based on subsequent events like the property's sale and valuation officer's estimate. The Tribunal emphasized that the Commissioner's authority was limited to facts existing at the assessment time, leading to the cancellation of the Commissioner's order and affirming the original valuation. en-us Fri, 29 Jun 1984 00:00:00 +0530 Mon, 18 Apr 2011 17:44:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70722 The Tribunal allowed the appeals concerning the valuation of an immovable property for wealth-tax assessments for the years 1977-78 and 1978-79. It upheld the valuation method accepted by the WTO, rejecting the Commissioner's jurisdiction under section 25(2) of the Wealth-tax Act to set aside the assessments based on subsequent events like the property's sale and valuation officer's estimate. The Tribunal emphasized that the Commissioner's authority was limited to facts existing at the assessment time, leading to the cancellation of the Commissioner's order and affirming the original valuation. Case-Laws Wealth-tax Fri, 29 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70722