TaxTMI 
TaxTMI 
1999 (4) TMI 41
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.... company. The property of which the valuation was in dispute is at Chokikulam, Madurai. The Assessing Officer took the view that the difference between the specified area and the unbuilt area exceeded 20 per cent. and hence rule 1BB could not be applied to value it and section 40(4) of the Finance Act, 1983, excluded application of section 7(1) and rule 1BB made thereunder and accordingly assessed....
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....as per rule 1BB. On appeal to the Tribunal, the Tribunal, held that the provisions of rule 1BB could not be ignored since the valuation had to be made under section 7(3) and thus dismissed the appeal. On that the reference has arisen at the instance of the Revenue and the following questions have been referred to this court for our opinion : "(i) Whether, on the facts and in the circumstances of....
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....and rule 1BB is not applicable. Counsel for the assessee submitted that sub-section (5) of section 40 specifically excluded certain sections of the Wealth-tax Act except section 7(1) and, therefore, rule 1BB was applicable. He relies upon the decision in CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 886 (SC), wherein the Supreme Court has held that : "Rule 1BB of the Wealth-tax Rules, 1957....