https://www.taxtmi.com/caselaws?id=71252 The Tribunal dismissed the Department's appeals and allowed the assessee's appeals in a case involving the valuation of Pratap Villas Palace. The AO was directed to use either the actual rent of Rs. 12,000 or the annual rent assessed by the local authority, whichever was higher, for determining the property's value. The Tribunal rejected the adoption of the DVO's valuation and emphasized the importance of following Rule 3 of Schedule III in valuation methods. The assessee's delayed cross-objections were dismissed as unjustified and having no impact on the overall outcome. en-us Tue, 25 Mar 2003 00:00:00 +0530 Tue, 19 Jun 2012 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71252 The Tribunal dismissed the Department's appeals and allowed the assessee's appeals in a case involving the valuation of Pratap Villas Palace. The AO was directed to use either the actual rent of Rs. 12,000 or the annual rent assessed by the local authority, whichever was higher, for determining the property's value. The Tribunal rejected the adoption of the DVO's valuation and emphasized the importance of following Rule 3 of Schedule III in valuation methods. The assessee's delayed cross-objections were dismissed as unjustified and having no impact on the overall outcome. Case-Laws Wealth-tax Tue, 25 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71252