https://www.taxtmi.com/caselaws?id=14872 The Court ruled in favor of the assessee against the Revenue, emphasizing the mandatory nature of rule 1BB for property valuation under the Wealth-tax Act. The Court held that the Assessing Officer erred in mechanically adopting the sale price without valid reasons and failing to consider essential factors like vacant possession. The decision underscores the importance of adhering to prescribed rules and thoroughly evaluating all pertinent aspects when determining property market value for tax assessment, ultimately setting aside the Tribunal's decision and upholding the first appellate authority's order. en-us Fri, 24 Sep 1999 00:00:00 +0530 Thu, 23 Jul 2009 17:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14872 The Court ruled in favor of the assessee against the Revenue, emphasizing the mandatory nature of rule 1BB for property valuation under the Wealth-tax Act. The Court held that the Assessing Officer erred in mechanically adopting the sale price without valid reasons and failing to consider essential factors like vacant possession. The decision underscores the importance of adhering to prescribed rules and thoroughly evaluating all pertinent aspects when determining property market value for tax assessment, ultimately setting aside the Tribunal's decision and upholding the first appellate authority's order. Case-Laws Wealth-tax Fri, 24 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14872