https://www.taxtmi.com/caselaws?id=16435 The High Court ruled in favor of the assessee, upholding the application of rule 1BB by the Wealth-tax Officer for property valuation. The court dismissed the Revenue's contention against the invocation of rule 1BB, emphasizing its procedural nature and applicability to all pending proceedings, supported by legal precedents and the Supreme Court's interpretation. The judgment affirmed the Commissioner of Wealth-tax's direction to reframe assessment and apply rule 1BB for property valuation for the relevant assessment years. en-us Tue, 05 May 1998 00:00:00 +0530 Mon, 07 Sep 2009 17:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16435 The High Court ruled in favor of the assessee, upholding the application of rule 1BB by the Wealth-tax Officer for property valuation. The court dismissed the Revenue's contention against the invocation of rule 1BB, emphasizing its procedural nature and applicability to all pending proceedings, supported by legal precedents and the Supreme Court's interpretation. The judgment affirmed the Commissioner of Wealth-tax's direction to reframe assessment and apply rule 1BB for property valuation for the relevant assessment years. Case-Laws Wealth-tax Tue, 05 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16435