TMI Blog2002 (2) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of the case, the Tribunal was right in allowing a deduction of Rs. 50,000 from the fair market value of 'Himanshu Bhawan' on account of declaration made by the assessee under section 3(l) read with section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976?" - we answer both the questions in the affirmative, i.e., in favour of the assessee and against the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6?" The assessee is an individual. The relevant assessment years are 1969-70, 1970-71, 1971-72, 1972-73, 1973-74 and 1974-75. The assessee, inter alia, owns a property known as "Himanshu Bhawan", Jaipur. The Wealth-tax Officer has adopted the value of this property on the basis of the report of the Valuation Officer. The Wealth-tax Officer has determined the value of this property on rent capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mes. He further submits that in the case in hand, the rent capitalisation method has been taken ten times multiplier. Considering the view taken by different High Courts, there is no justification to interfere in the view taken by the Tribunal of valuing the property by rent capitalisation method taking ten times multiplier of the net annual rent. The issue in question No. 2 relates to as to w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to in clause (a) or clause (b) and such asset shall not be included in his net wealth for the said assessment year or years. Mr. Ranka clarified that while disclosing Rs. 50,000, he made the disclosure and clarified that this amount has been invested in the construction of the house in question, so that forms part of the assets and eligible for exemption under clause (c) of sub-section (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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