https://www.taxtmi.com/caselaws?id=18616 The High Court held that the Tribunal's decision to apply a multiplier of ten times for the valuation of a commercial property for wealth tax assessment was not justified. The Court emphasized the importance of determining the property's value based on market value as per section 7(1) of the Wealth-tax Act. Since rule 1BB, which deals with residential properties, did not apply to commercial properties, the use of the multiplier approach was deemed inappropriate. The Court ruled in favor of the Revenue, underscoring the necessity of adhering to statutory valuation methods outlined in the Act and Rules. en-us Mon, 19 Feb 1996 00:00:00 +0530 Fri, 30 Oct 2009 17:26:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18616 The High Court held that the Tribunal's decision to apply a multiplier of ten times for the valuation of a commercial property for wealth tax assessment was not justified. The Court emphasized the importance of determining the property's value based on market value as per section 7(1) of the Wealth-tax Act. Since rule 1BB, which deals with residential properties, did not apply to commercial properties, the use of the multiplier approach was deemed inappropriate. The Court ruled in favor of the Revenue, underscoring the necessity of adhering to statutory valuation methods outlined in the Act and Rules. Case-Laws Wealth-tax Mon, 19 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18616