https://www.taxtmi.com/caselaws?id=24609 Whether an assessee's declared value in a wealth tax return conclusively prevents a lower recomputed valuation under Rule 1BB was identified as a pure question of law requiring reference under Section 27(3) of the Wealth tax Act; the court held that a return admission is strong evidence but not conclusive, so a recomputed valuation may lawfully be lower where justified, and directed the Tribunal to prepare a consolidated statement of case and refer the legal question for opinion to give full effect to recomputation under established recomputation principles; applications disposed in the assessee's favour. en-us Tue, 26 Jul 1988 00:00:00 +0530 Wed, 11 Feb 2026 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24609 Whether an assessee's declared value in a wealth tax return conclusively prevents a lower recomputed valuation under Rule 1BB was identified as a pure question of law requiring reference under Section 27(3) of the Wealth tax Act; the court held that a return admission is strong evidence but not conclusive, so a recomputed valuation may lawfully be lower where justified, and directed the Tribunal to prepare a consolidated statement of case and refer the legal question for opinion to give full effect to recomputation under established recomputation principles; applications disposed in the assessee's favour. Case-Laws Wealth-tax Tue, 26 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24609