https://www.taxtmi.com/caselaws?id=17098 Under section 7(1) of the Wealth-tax Act, the open market value of a commercial godown let on lease may be determined by rental capitalisation where Rule 1BB is confined to residential buildings and does not govern such property. The text also notes that Schedule III inserted by the Direct Tax Laws (Amendment) Act, 1989 took effect only from 1 April 1989 and was not shown to be merely clarificatory, so it could not be applied retrospectively to earlier assessment years. en-us Thu, 05 Jun 1997 00:00:00 +0530 Tue, 15 Sep 2009 12:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17098 Under section 7(1) of the Wealth-tax Act, the open market value of a commercial godown let on lease may be determined by rental capitalisation where Rule 1BB is confined to residential buildings and does not govern such property. The text also notes that Schedule III inserted by the Direct Tax Laws (Amendment) Act, 1989 took effect only from 1 April 1989 and was not shown to be merely clarificatory, so it could not be applied retrospectively to earlier assessment years. Case-Laws Income Tax Thu, 05 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17098