2000 (12) TMI 56 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee regarding the valuation of a property at 151, Golf Links, New Delhi. The court applied rule 11BB of the Wealth-tax Rules, 1957, which deems the market value to be the one arrived at through a recognized method of valuation. The decision was based on a previous Supreme Court ruling that the rule is procedural and applicable to all proceedings pending when it came into force.