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W.T.A. NO. 375/KB OF 2000-2001, DECIDED ON 31ST AUGUST, 2001 versus W.T.A. NO. 375/KB OF 2000-2001, DECIDED ON 31ST AUGUST, 2001

R8 (3), Proviso Wealth Tax Act (XV of 1963), Sections 2 (16), 2 (24), 3, 7 and the second Schedule CBR Circle No. 1994, dated 17 7 1994 Money and wealth The property was rented for 8 days before the date of valuation based on the original rent received ie the rent was accepted for only 8 days during the year recognized in 22 6 1999 when self-occupied. The waiver of the house was claimed because the house remained in possession. Up to date of assessment up to date of assessment ie 6 6 1999 due to repair and renovation as per lease agreement, the appraisal officer fixed the gross annual rent value on the basis of annual rent on the date of assessment. Adopting 8 (3), Providence, Wealth Tax Rules, 1963, imposes certain restrictions on the power of the estimating officer to collect the rent paid by the tenant or at a cost higher than the rent payable. Estimates the annual rental cost. Paid a period rent of less than a year, say 8 days like the current situation, then the Assessing Officer could not extend the amount to cover the whole year on this amount, in other words, it would appear that R On the basis of 8 (3), it shall be proved that the Assessing Officer was obliged to estimate the annual rental cost equal to the rent of 8 days, for the purpose of net assessor of the actual rent received only for 8 days. For the remainder of the period the house itself was in possession. when you need a advocate from Dir lawyer