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W.T.AS. NOS. 248/LB, 249/LB, 486/LB AND 487/LB OF 2001, DECIDED ON 28TH MARCH, 2002. versus W.T.AS. NOS. 248/LB, 249/LB, 486/LB AND 487/LB OF 2001, DECIDED ON 28TH MARCH, 2002.

R 8 (3) Wealth Tax Act, 1963, Sections 7 and 46 assess the value of a building and assess the value of a warehouse as assessed by the officer as to the value of the property and the purpose of advancing the loan. Assessment is determined by the law according to the purpose that under banker laws the value of the warehouse assessed by the banker through the bank loan is not intended to advance the bank loan nor the Wealth Tax Act, 1963 It has a convincing value under the Tax Act, 963. Wealth Tax Assessors have their own method of assessing assets and obligating Wealth Tax Officers to follow this approach in Section 7 of the Wealth Tax Act 1963 and present a methodology for determining the value of assets. Has been made and stated that the value of any asset, other than the cash assessed for the purpose of the Second Wealth Tax Act, is determined by the officer in accordance with the rules made under section 46 of the Wealth Tax Act, 1963 The cost of the buildings will be estimated according to the nature of the property and the size of the property, the available facilities and the area. The value of any immovable property or the value of similar properties in the neighborhood (other than an open plot) will be estimated. The land cannot be estimated by the officer at more than 10 times the total annual rental value of such property except the approval of the Commissioner's Assessing Officer, based on this report, estimating the cost of the warehouse. The annual value of the aforesaid property is quoted after the bank and the Assessing Assessing Officer contested. best advocate from Feroz Walla lawyer