https://www.taxtmi.com/caselaws?id=236752 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision to value properties at Rs.2,500/- per cent for assessment years 1995-96 to 1998-99. The Court mandated the use of Schedule III for valuing a property at Kodaikanal, rejecting the assessee's argument against its applicability. Additionally, the Court affirmed that wealth tax payable should be treated as a debt for calculating net wealth, despite amendments to the Wealth Tax Act. The matter was remanded to the Assessing Officer for valuation based on Schedule III, and the Tribunal's decision on wealth tax treatment was upheld. en-us Tue, 23 Jul 2013 00:00:00 +0530 Fri, 06 Sep 2013 14:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236752 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision to value properties at Rs.2,500/- per cent for assessment years 1995-96 to 1998-99. The Court mandated the use of Schedule III for valuing a property at Kodaikanal, rejecting the assessee's argument against its applicability. Additionally, the Court affirmed that wealth tax payable should be treated as a debt for calculating net wealth, despite amendments to the Wealth Tax Act. The matter was remanded to the Assessing Officer for valuation based on Schedule III, and the Tribunal's decision on wealth tax treatment was upheld. Case-Laws Wealth-tax Tue, 23 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236752