Bimal Kishore Paliwal & Ors. vs Commissioner Of Wealth Tax
Whether for valuation of a cinema building under Section 7 of the Wealth Tax Act, 1957, the income capitalisation method is mandatory for a running business under Section 7(2)(a) --- Held No. Whether the Wealth Tax Officer has discretion to adopt the land and building method under Section 7(1) or refer valuation to a Valuation Officer under Section 7(3) --- Held Yes.
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