https://www.taxtmi.com/caselaws?id=17921 For valuation of a let out house property under the Gift-tax Act for an earlier assessment year, the open-market value was to be determined under section 6 as it then stood, and the rental or yield method was treated as a recognised way to arrive at that value. The commentary notes that rule 10 of the Gift-tax Rules did not then incorporate the later wealth-tax linkage, but that did not prevent adoption of a rental basis where appropriate. It further explains that the Tribunal's remand for fresh valuation on that basis was consistent with accepted valuation principles, and later wealth-tax jurisprudence was treated as supporting, rather than excluding, the method. en-us Tue, 26 Mar 1996 00:00:00 +0530 Fri, 25 Sep 2009 16:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17921 For valuation of a let out house property under the Gift-tax Act for an earlier assessment year, the open-market value was to be determined under section 6 as it then stood, and the rental or yield method was treated as a recognised way to arrive at that value. The commentary notes that rule 10 of the Gift-tax Rules did not then incorporate the later wealth-tax linkage, but that did not prevent adoption of a rental basis where appropriate. It further explains that the Tribunal's remand for fresh valuation on that basis was consistent with accepted valuation principles, and later wealth-tax jurisprudence was treated as supporting, rather than excluding, the method. Case-Laws Income Tax Tue, 26 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17921