Wealth Tax Rules, 1957

The appellant, Amrit Banaspati Co. Ltd., owned a residential flat in Mumbai and declared its value under self‑assessment rules (Rule 3‑7) of Schedule III of the Wealth Tax Act, 1957. The Assessing Officer (AO) found a large disparity between the declared value and the market value estimated by the Departmental Valuatio…

The beneficiaries of the H.E.H. Nizam Jewellery Trust valued their interest in the trust's jewellery based on a valuer's report. The Commissioner of Wealth Tax challenged this valuation, arguing that the estate duty payable on the deemed death of the life tenant had been incorrectly deducted, among other objections. Th…

Prince Muffakham Jah, a beneficiary of a trust created by the late Nizam, was entitled to reside rent‑free for life in a house built by the trustees. He omitted the value of this life interest from his wealth‑tax returns for assessment years 1969‑70 to 1977‑78. The Wealth‑Tax Officer added the value using Rule 1B of th…