https://www.taxtmi.com/caselaws?id=15289 The court upheld the Tribunal's decision in favor of the assessee against the Revenue regarding the valuation of assets of a Hindu undivided family for wealth tax purposes. It was determined that the interconnected assets of a residential building and land owned by the family should be valued together under section 7(4) of the Wealth-tax Act. The court found that the building, used exclusively for residential purposes by the family members, and erected on the family's land by the karta, warranted a combined valuation approach. The judgment clarified the correct method for valuing such interconnected assets. en-us Wed, 04 Nov 1998 00:00:00 +0530 Tue, 04 Aug 2009 14:04:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15289 The court upheld the Tribunal's decision in favor of the assessee against the Revenue regarding the valuation of assets of a Hindu undivided family for wealth tax purposes. It was determined that the interconnected assets of a residential building and land owned by the family should be valued together under section 7(4) of the Wealth-tax Act. The court found that the building, used exclusively for residential purposes by the family members, and erected on the family's land by the karta, warranted a combined valuation approach. The judgment clarified the correct method for valuing such interconnected assets. Case-Laws Wealth-tax Wed, 04 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15289