https://www.taxtmi.com/caselaws?id=18208 The High Court of Punjab and Haryana upheld the Tribunal's decision to value a commercial building for wealth tax assessment at G. T. Road using a multiple of 12 based on its annual rental value. The court emphasized the need to determine market value accurately as per the Wealth-tax Act, referring to legislative provisions and prior court decisions. The judgment clarified the principles for valuation under the Act, affirming the use of multiples based on rental income. Ultimately, the court ruled in favor of the Revenue, supporting the adoption of a multiple of 12 for valuing the commercial property. en-us Wed, 17 Jul 1996 00:00:00 +0530 Tue, 29 Sep 2009 14:33:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18208 The High Court of Punjab and Haryana upheld the Tribunal's decision to value a commercial building for wealth tax assessment at G. T. Road using a multiple of 12 based on its annual rental value. The court emphasized the need to determine market value accurately as per the Wealth-tax Act, referring to legislative provisions and prior court decisions. The judgment clarified the principles for valuation under the Act, affirming the use of multiples based on rental income. Ultimately, the court ruled in favor of the Revenue, supporting the adoption of a multiple of 12 for valuing the commercial property. Case-Laws Wealth-tax Wed, 17 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18208