1986 (1) TMI 30

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....rule 1BB in valuation of the property 6, Friends Colony, New Delhi, owned by the petitioner, which being a procedural provision was both retrospective and mandatory. 2. Whether, the learned Tribunal was justified in upholding the valuation by land and building method in respect of the property 6, Friends Colony, New Delhi, as against the rent yield method ignoring the well-settled principles laid down by different courts including the Supreme Court in the case of Dewan Daulat Rai Kapoor v. New Delhi Municipal Committee [1980] 122 ITR 700 to the effect that valuation of properties in areas subject to rent control provisions should be made on the rent yields method, i.e., on the basis of rent realisable under the Rent Control Act, specially ....

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....this court but the Tribunal had declined to do so and hence these petitions. The grievance of the assessee is in regard to the valuation of a property at 6, Friends Colony, New Delhi, for the assessment years abovementioned for purposes of wealth-tax. The Wealth-tax Officer had valued the property on the basis of a report by the valuation officer which in turn was based on the land and building method, rejecting the assessee's contention that the property should be valued on rental basis. The Appellate Assistant Commissioner, however, accepted the valuation of the property by the petitioner and directed the same to be adopted by the Wealth-tax Officer. Thereupon, the Commissioner of Wealth-tax preferred appeals to the Tribunal. The Tribuna....