https://www.taxtmi.com/caselaws?id=203030 The Tribunal upheld the Learned CWT (Appeals) decision, dismissing the Revenue's appeals. The Tribunal emphasized that valuation should be based on actual rent received, as assessed in Income Tax proceedings, rather than hypothetical estimates. The DVO's method of estimating market rent was deemed incorrect as it ignored the actual rent and provisions of the Rent Control Act. The Tribunal highlighted that the DVO's assumptions lacked evidential support and cited judicial precedents in support of valuing based on actual rent. The addition on account of jewelry value was deleted by the Learned CWT (Appeals). en-us Fri, 30 Jul 2010 00:00:00 +0530 Wed, 08 Aug 2012 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203030 The Tribunal upheld the Learned CWT (Appeals) decision, dismissing the Revenue's appeals. The Tribunal emphasized that valuation should be based on actual rent received, as assessed in Income Tax proceedings, rather than hypothetical estimates. The DVO's method of estimating market rent was deemed incorrect as it ignored the actual rent and provisions of the Rent Control Act. The Tribunal highlighted that the DVO's assumptions lacked evidential support and cited judicial precedents in support of valuing based on actual rent. The addition on account of jewelry value was deleted by the Learned CWT (Appeals). Case-Laws Wealth-tax Fri, 30 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203030