TMI Blog1994 (4) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 said house had been purchased by the assessee for Rs. 9.05 lakhs and, therefore, he t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 that r. 1D is perfectly valid and effective and has to be followed in every case where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the learned counsel and are of the view that r. 1BB has to be followed in the assessee's case for all the four years under consideration. The judgment of the Hon'ble Supreme Court on the applicability of r. 1D is very authoritative on the question of applicability of r. 1D and r. 1BB also stands on the same footing as r. 1D. Therefore, we hold that r. 1BB is applicable in the assessee's case ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
