https://www.taxtmi.com/caselaws?id=11236 The High Court of Madras ruled in favor of the assessee on all three issues presented in the case. The court held that the Assessing Officer cannot reject the rental method for property valuation if the rent reported by the assessee is genuine. Additionally, the court determined that the property in Ooty should be valued using the rent capitalization method. Regarding the property in Triplicane, the court found that without lease renewal, it did not qualify as part of the assessee's wealth for taxation, aligning with the Supreme Court decision in F.S. Ghandhi case. en-us Tue, 11 Nov 2003 00:00:00 +0530 Mon, 03 Aug 2009 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11236 The High Court of Madras ruled in favor of the assessee on all three issues presented in the case. The court held that the Assessing Officer cannot reject the rental method for property valuation if the rent reported by the assessee is genuine. Additionally, the court determined that the property in Ooty should be valued using the rent capitalization method. Regarding the property in Triplicane, the court found that without lease renewal, it did not qualify as part of the assessee's wealth for taxation, aligning with the Supreme Court decision in F.S. Ghandhi case. Case-Laws Wealth-tax Tue, 11 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11236