https://www.taxtmi.com/caselaws?id=75653 The Court held that the valuation of the residential property "Samod House" for the assessment years 1975-76 to 1980-81 should be based on the assessment from 1971-72 as per section 7(4) of the Wealth-tax Act. The valuation determined for 1971-72, which was uncontested, should remain unchanged for subsequent years unless challenged. Rule 1BB, introduced in 1979, does not apply retrospectively to alter the valuation method. Therefore, the Court ruled in favor of the Revenue, upholding the valuation based on the assessment year 1971-72 for the subsequent years, rejecting the application of rule 1BB. en-us Thu, 19 Feb 2009 00:00:00 +0530 Mon, 03 May 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75653 The Court held that the valuation of the residential property "Samod House" for the assessment years 1975-76 to 1980-81 should be based on the assessment from 1971-72 as per section 7(4) of the Wealth-tax Act. The valuation determined for 1971-72, which was uncontested, should remain unchanged for subsequent years unless challenged. Rule 1BB, introduced in 1979, does not apply retrospectively to alter the valuation method. Therefore, the Court ruled in favor of the Revenue, upholding the valuation based on the assessment year 1971-72 for the subsequent years, rejecting the application of rule 1BB. Case-Laws Wealth-tax Thu, 19 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75653