https://www.taxtmi.com/caselaws?id=22062 The court dismissed the writ petitions challenging the notices issued by the Assistant Commissioner of Wealth-tax, emphasizing that assessment proceedings should proceed according to the law. The judgment clarified that valuation of assets should consider the annual rent assessed by the local authority. The court did not definitively rule on the retrospective application of the amended valuation rules under the Wealth-tax Act, directing the Assistant Commissioner to follow prescribed procedures for valuation. en-us Tue, 19 Mar 1991 00:00:00 +0530 Sat, 05 Dec 2009 17:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22062 The court dismissed the writ petitions challenging the notices issued by the Assistant Commissioner of Wealth-tax, emphasizing that assessment proceedings should proceed according to the law. The judgment clarified that valuation of assets should consider the annual rent assessed by the local authority. The court did not definitively rule on the retrospective application of the amended valuation rules under the Wealth-tax Act, directing the Assistant Commissioner to follow prescribed procedures for valuation. Case-Laws Income Tax Tue, 19 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22062