2002 (3) TMI 24

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....ial flat at Roopam Building, 18, Worli Estate Scheme No. 52, Abdul Gaffar Road, Worli, Bombay, which is owned by the assessee and used as a guest house. During the assessment proceedings, the Assessing Officer noted that the assessee had shown the value of the above property at Rs. 1,55,139 on the valuation date March 31, 1993. The Assessing Officer made a reference to the Valuation Officer who valued the building at Rs. 2,60,73,000. The Assessing Officer called upon the assessee to explain why the valuation of the property be not taken as per the valuation report. The assessee replied that the valuation has to be done under section 7(1) of the Wealth-tax Act, 1957, in accordance with the rules 3 to 8 of Schedule III to the Act. Rule 3 s....

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....aintainable rent." Rule 5 states: "For the purposes of rule 4, 'gross maintainable rent', in relation to any immovable property referred to in rule 3, means-- (i) where the property is let, the amount received or receivable by the owner as annual rent or the annual value assessed by the local authority in whose area the property is situated for the purposes of levy of property tax or any other tax on the basis of such assessment, whichever is higher; (ii) where the property is not let, the amount of annual rent assessed by the local authority in whose area the property is situated for the purpose of levy of property tax or any other tax on the basis of such assessment, or, if there is no such assessment or the property i....