https://www.taxtmi.com/caselaws?id=55907 For wealth-tax valuation of genuinely tenanted properties governed by rent-control constraints, the rental method was held to be the proper basis. The departmental approach of capitalising the tenant's business income and adding speculative reversionary land value was rejected for Prakash Talkies, while the assessee's rental valuation was upheld for Jeshingbhai's Wadi. For Hathipura, the wholly tenanted and encroached status negatived any realistic assumption of free reversion, so reversionary value could not be added to rental value. The stated ratio is that tenant occupation and rent-control conditions justify rental valuation unless the facts warrant a different method. en-us Thu, 18 Feb 1988 00:00:00 +0530 Tue, 30 Nov 2010 16:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55907 For wealth-tax valuation of genuinely tenanted properties governed by rent-control constraints, the rental method was held to be the proper basis. The departmental approach of capitalising the tenant's business income and adding speculative reversionary land value was rejected for Prakash Talkies, while the assessee's rental valuation was upheld for Jeshingbhai's Wadi. For Hathipura, the wholly tenanted and encroached status negatived any realistic assumption of free reversion, so reversionary value could not be added to rental value. The stated ratio is that tenant occupation and rent-control conditions justify rental valuation unless the facts warrant a different method. Case-Laws Wealth-tax Thu, 18 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55907