https://www.taxtmi.com/caselaws?id=3158 The High Court dismissed the Revenue's appeal under Section 27A of the Wealth-tax Act, 1957, against the Income Tax Appellate Tribunal's order. The Court affirmed that the assessing officer has the discretion to apply Rules 3, 4, and 5 of Schedule III for property valuation, with the option to use Rules 8 and 20 if necessary. The judgment highlighted the mandatory nature of Schedule III rules for property valuation and emphasized the importance of a comprehensive assessment process in line with the Wealth-tax Act. en-us Mon, 02 Jul 2007 00:00:00 +0530 Thu, 24 Apr 2008 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3158 The High Court dismissed the Revenue's appeal under Section 27A of the Wealth-tax Act, 1957, against the Income Tax Appellate Tribunal's order. The Court affirmed that the assessing officer has the discretion to apply Rules 3, 4, and 5 of Schedule III for property valuation, with the option to use Rules 8 and 20 if necessary. The judgment highlighted the mandatory nature of Schedule III rules for property valuation and emphasized the importance of a comprehensive assessment process in line with the Wealth-tax Act. Case-Laws Wealth-tax Mon, 02 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3158