https://www.taxtmi.com/caselaws?id=20033 The court upheld the reliance on Board's Circular No. 326 for property valuation for the assessment year 1982-83, emphasizing that property value should be determined based on events up to the assessment year. Relying on post-assessment year events for valuation under the income capitalization method was deemed impermissible. Circulars issued by the Central Board of Direct Taxes were considered binding. The court rejected the argument that the circular was merely directory and concluded that no referable question of law was raised, resulting in the dismissal of the tax case petitions. en-us Tue, 20 Jul 1993 00:00:00 +0530 Wed, 11 Nov 2009 12:12:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20033 The court upheld the reliance on Board's Circular No. 326 for property valuation for the assessment year 1982-83, emphasizing that property value should be determined based on events up to the assessment year. Relying on post-assessment year events for valuation under the income capitalization method was deemed impermissible. Circulars issued by the Central Board of Direct Taxes were considered binding. The court rejected the argument that the circular was merely directory and concluded that no referable question of law was raised, resulting in the dismissal of the tax case petitions. Case-Laws Wealth-tax Tue, 20 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20033