https://www.taxtmi.com/caselaws?id=21262 The High Court of CALCUTTA ruled in favor of the assessee, affirming the mandatory application of rule 1BB of the Wealth-tax Rules, 1957, in determining the valuation of house properties for wealth tax assessment. The Court emphasized the authoritative nature of rule 1BB, stating that it is binding on all valuation authorities, including Valuation Officers. The judgment highlighted the necessity for Valuation Officers to adhere to established valuation principles, such as the rent capitalization method, rejecting discretionary valuation methods and ensuring consistency in property valuation under the Wealth-tax Act, 1957. en-us Wed, 04 Dec 1991 00:00:00 +0530 Thu, 22 Mar 2018 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21262 The High Court of CALCUTTA ruled in favor of the assessee, affirming the mandatory application of rule 1BB of the Wealth-tax Rules, 1957, in determining the valuation of house properties for wealth tax assessment. The Court emphasized the authoritative nature of rule 1BB, stating that it is binding on all valuation authorities, including Valuation Officers. The judgment highlighted the necessity for Valuation Officers to adhere to established valuation principles, such as the rent capitalization method, rejecting discretionary valuation methods and ensuring consistency in property valuation under the Wealth-tax Act, 1957. Case-Laws Wealth-tax Wed, 04 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21262