https://www.taxtmi.com/caselaws?id=60547 Residential property valuation under the Wealth-tax Rules must follow Rule 1BB where that rule applies, rather than a general market-price or land-and-building approach; the Tribunal treated the rule as applicable to the property in question and required recomputation accordingly. Exemption for equity shares under section 5(1)(xx) depends strictly on the company satisfying section 45(d) of the Wealth-tax Act, and that condition cannot be broadened by reference to relief available under section 80J of the Income-tax Act. On the facts noted, the company did not meet section 45(d), so the share exemption was denied. en-us Sat, 04 Sep 1982 00:00:00 +0530 Wed, 05 Jan 2011 18:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60547 Residential property valuation under the Wealth-tax Rules must follow Rule 1BB where that rule applies, rather than a general market-price or land-and-building approach; the Tribunal treated the rule as applicable to the property in question and required recomputation accordingly. Exemption for equity shares under section 5(1)(xx) depends strictly on the company satisfying section 45(d) of the Wealth-tax Act, and that condition cannot be broadened by reference to relief available under section 80J of the Income-tax Act. On the facts noted, the company did not meet section 45(d), so the share exemption was denied. Case-Laws Income Tax Sat, 04 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60547