https://www.taxtmi.com/caselaws?id=23269 For wealth-tax valuation of let-out immovable properties by applying a multiplier to net income, the assessee could not further reduce the income by repairs cess paid under the Bombay Buildings Repairs and Reconstruction Board Act, 1969. The Court noted that the material before it did not establish the deduction claim, and the basis on which the income-tax net income had been computed was not shown. In those circumstances, there was no error in the Tribunal adopting the net income as assessed in income-tax proceedings for valuation purposes. The reference was answered against the assessee and in favour of the Revenue. en-us Mon, 25 Jun 1990 00:00:00 +0530 Fri, 18 Dec 2009 10:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23269 For wealth-tax valuation of let-out immovable properties by applying a multiplier to net income, the assessee could not further reduce the income by repairs cess paid under the Bombay Buildings Repairs and Reconstruction Board Act, 1969. The Court noted that the material before it did not establish the deduction claim, and the basis on which the income-tax net income had been computed was not shown. In those circumstances, there was no error in the Tribunal adopting the net income as assessed in income-tax proceedings for valuation purposes. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Wealth-tax Mon, 25 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23269