https://www.taxtmi.com/caselaws?id=60091 The Tribunal ruled in favor of the assessee in a case involving the valuation of immovable property under the Wealth-tax Act. The Commissioner of Wealth-tax (Appeals) had enhanced the property value to Rs. 48 lakhs, but the Tribunal disagreed, directing the Assessing Officer to adopt the initial valuation of Rs. 2,02,038 based on rule 3 of Schedule III. Additionally, the Tribunal upheld the assessee's claim regarding the treatment of an advance received against the property sale as a liability until the sale is finalized. The Tribunal also found that the enhancement of total wealth without proper opportunity for the appellant was unjustified and directed valuation in accordance with rule 3. en-us Thu, 11 Jul 1996 00:00:00 +0530 Mon, 03 Jan 2011 16:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60091 The Tribunal ruled in favor of the assessee in a case involving the valuation of immovable property under the Wealth-tax Act. The Commissioner of Wealth-tax (Appeals) had enhanced the property value to Rs. 48 lakhs, but the Tribunal disagreed, directing the Assessing Officer to adopt the initial valuation of Rs. 2,02,038 based on rule 3 of Schedule III. Additionally, the Tribunal upheld the assessee's claim regarding the treatment of an advance received against the property sale as a liability until the sale is finalized. The Tribunal also found that the enhancement of total wealth without proper opportunity for the appellant was unjustified and directed valuation in accordance with rule 3. Case-Laws Wealth-tax Thu, 11 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60091