Wealth Tax Act, 1963


Wealth Tax Act, 1963

(xv Of 1963)



Wealth Tax
Rule 1963, Rule—8(3)

assessing officer should first follow the provisions of rule 8(3) in
determining the valuation of property, and if it exceeds fifteen times the
gross annual rental of such property, that value may be adopted by the Deputy
Commissioner of Taxes for the purpose of imposing tax with the approval of the
Inspecting Joint Commissioner of Taxes. But for this purpose the Deputy
Commissioner of Taxes cannot follow the proviso blindly by adopting the gross
annual return value disclosed in an income to return and multiplying the same
by twelve and fifteen times, ignoring th provisions for valuation in rule 8(3)

A. R. Yusuf
v. The Commissioner of Taxes, 22 BLD (HCD) 148.