https://www.taxtmi.com/caselaws?id=13050 For wealth-tax valuation of a let-out building, the rental method had to exclude the portion of rent attributable to lifts and electrical installations not owned by the assessee, because that component could not form part of the building's assessable value. In these circumstances, the Tribunal's use of the average between the rental valuation and the value based on cost of construction plus land was treated as a rough but acceptable method of determining value, and not as arbitrary or contrary to law. The valuation method was upheld, with the issue decided in favour of the assessee and against the Revenue. en-us Tue, 28 Nov 2000 00:00:00 +0530 Tue, 26 May 2009 11:21:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13050 For wealth-tax valuation of a let-out building, the rental method had to exclude the portion of rent attributable to lifts and electrical installations not owned by the assessee, because that component could not form part of the building's assessable value. In these circumstances, the Tribunal's use of the average between the rental valuation and the value based on cost of construction plus land was treated as a rough but acceptable method of determining value, and not as arbitrary or contrary to law. The valuation method was upheld, with the issue decided in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 28 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13050