https://www.taxtmi.com/caselaws?id=37548 For wealth-tax valuation of a self-occupied house, the controlling test was fair market value under Section 7(1) of the Wealth-tax Act, 1957. The municipal assessment and the annual reasonable rent under the U.P. Rent Control and Eviction Act, 1947 were not a safe or realistic guide where the property had never been let and was used by the owner for residence. The Tribunal was therefore justified in preferring the valuers' estimate and in accepting the house value at 1,40,000. No legal infirmity or error in principle was shown in that valuation, so the valuation was upheld in favour of the department. en-us Wed, 12 Jul 1978 00:00:00 +0530 Tue, 30 Mar 2010 13:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37548 For wealth-tax valuation of a self-occupied house, the controlling test was fair market value under Section 7(1) of the Wealth-tax Act, 1957. The municipal assessment and the annual reasonable rent under the U.P. Rent Control and Eviction Act, 1947 were not a safe or realistic guide where the property had never been let and was used by the owner for residence. The Tribunal was therefore justified in preferring the valuers' estimate and in accepting the house value at 1,40,000. No legal infirmity or error in principle was shown in that valuation, so the valuation was upheld in favour of the department. Case-Laws Wealth-tax Wed, 12 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37548