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2005 (3) TMI 29 - KERALA HIGH COURT"Whether Tribunal justified in upholding the valuation of the building under section 7(1) of the Wealth-tax Act based on market rent or rent receivable after ignoring municipal valuation which was based on actual rent paid for the building by the tenant-firm constituted by the assessee and family members as partners?" - we find no illegality in taking the rent received from the nearby shop for computing such gross maintainable rent. The question is, therefore, answered in favour of the Revenue and hold that the Tribunal is justified in taking the market rent as fixed by the Valuation Officer as the rent receivable for the purpose of wealth-tax valuation
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