https://www.taxtmi.com/caselaws?id=60001 In valuing immovable property for wealth-tax purposes, a life interest in favour of the settlor's daughter-in-law was treated as a charge on the property, so maintainable rent could not be calculated by ignoring that encumbrance. The lower appellate authority reduced the rent to reflect the life interest, capitalised the net figure, and adopted the resulting market value. That valuation method was upheld as correct, and the departmental objection based on section 1BB did not displace the valuation approach applied. en-us Thu, 07 May 1987 00:00:00 +0530 Mon, 03 Jan 2011 12:15:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60001 In valuing immovable property for wealth-tax purposes, a life interest in favour of the settlor's daughter-in-law was treated as a charge on the property, so maintainable rent could not be calculated by ignoring that encumbrance. The lower appellate authority reduced the rent to reflect the life interest, capitalised the net figure, and adopted the resulting market value. That valuation method was upheld as correct, and the departmental objection based on section 1BB did not displace the valuation approach applied. Case-Laws Wealth-tax Thu, 07 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60001