1994 (4) TMI 101

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....erefore, being decided by this consolidated order. The assessee has raised as many as four grounds but the only question relates to the valuation of self-occupied house. The assessee had filed return for asst. yr. 1985-86 declaring net wealth at Rs. 4,86,900. The value of self-occupied house No. 79, Sector 8A, Chandigarh, was shown at Rs. 4,40,000 in accordance with r. 1BB. The WTO noted that the ....

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....s invited our attention to the decision of the Hon'ble Supreme Court reported as Bharat Hari Singhania vs. CWT (1994) 118 CTR (SC) 125 : 119 Taxation 112. In that case, r. 1D framed under s. 7 was under examination and it was held that the rule was mandatory. It was held that r. 1D was a valid piece of legislation and the WTO was bound to follow it in valuing unquoted equity shares. It was held th....