https://www.taxtmi.com/caselaws?id=22400 Rule 1BB of the Wealth-tax Rules, 1957 was held not to operate as a mandatory valuation provision for the assessment years 1970-71 to 1975-76. The court examined the valuation scheme under section 7 of the Wealth-tax Act, 1957 and the scope of the rule-making power under section 46, and applied the Full Bench reasoning that rule 1D was not compulsory. On that basis, the same principle was extended to rule 1BB, so residential property value could not be said to be compulsorily governed by that rule in the manner urged. The reference was answered in the negative and the Tribunal's view of mandatory application was rejected. en-us Thu, 11 Apr 1991 00:00:00 +0530 Wed, 09 Dec 2009 17:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22400 Rule 1BB of the Wealth-tax Rules, 1957 was held not to operate as a mandatory valuation provision for the assessment years 1970-71 to 1975-76. The court examined the valuation scheme under section 7 of the Wealth-tax Act, 1957 and the scope of the rule-making power under section 46, and applied the Full Bench reasoning that rule 1D was not compulsory. On that basis, the same principle was extended to rule 1BB, so residential property value could not be said to be compulsorily governed by that rule in the manner urged. The reference was answered in the negative and the Tribunal's view of mandatory application was rejected. Case-Laws Wealth-tax Thu, 11 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22400