https://www.taxtmi.com/caselaws?id=350337 In wealth-tax proceedings, valuation of jointly owned property based on a bank-approved valuer's report had to be reconsidered because the first appellate authority decided the matter beyond the grounds actually raised; the valuation controversy was remitted for fresh decision in accordance with law. The Tribunal also held that a deduction claim for loan liability under section 2(m) could not be sustained where that issue had not been raised before the first appellate authority and the liability related to the company rather than the assessee. The appellate treatment of the deduction issue was therefore confined to the original valuation dispute. en-us Wed, 26 Jul 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350337 In wealth-tax proceedings, valuation of jointly owned property based on a bank-approved valuer's report had to be reconsidered because the first appellate authority decided the matter beyond the grounds actually raised; the valuation controversy was remitted for fresh decision in accordance with law. The Tribunal also held that a deduction claim for loan liability under section 2(m) could not be sustained where that issue had not been raised before the first appellate authority and the liability related to the company rather than the assessee. The appellate treatment of the deduction issue was therefore confined to the original valuation dispute. Case-Laws Wealth-tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350337