https://www.taxtmi.com/caselaws?id=27296 For estate duty valuation of a residential flat, the open-market value had to be assessed by the rental or annual value method reflected in Rule 1BB of the Wealth-tax Rules, 1957. The Court held that this approach is the legally recognised basis for residential property, particularly where rent control limits the rent that can be realised, and that a harmonious reading with municipal tax, income-tax and wealth-tax valuation principles supported that method. Valuation on the basis of vacant possession or the land-and-building method was held unsustainable for this class of property and was rejected. en-us Mon, 10 Sep 1984 00:00:00 +0530 Fri, 12 Feb 2010 10:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27296 For estate duty valuation of a residential flat, the open-market value had to be assessed by the rental or annual value method reflected in Rule 1BB of the Wealth-tax Rules, 1957. The Court held that this approach is the legally recognised basis for residential property, particularly where rent control limits the rent that can be realised, and that a harmonious reading with municipal tax, income-tax and wealth-tax valuation principles supported that method. Valuation on the basis of vacant possession or the land-and-building method was held unsustainable for this class of property and was rejected. Case-Laws Income Tax Mon, 10 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27296