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Section 7 of the Wealth-tax Act, 1957, read with rules 3 to 8 of Schedule III to Act - Valuation of assets - Immovable property - Assessment year 1993-94 - Tribunal found that there was a wide variation between market value of assessee's property and valuation done by assessee on basis of ratable value determined by municipal authorities - Further, assessee had itself agreed to sell said property at Rs. 10.26 crores as against declared value at Rs. 1.55 lakhs - Tribunal held that rule 8 was rightly applied by Assessing Officer - Whether finding of Tribunal being finding of fact, same could not be interfered with by High Court - Held, yes JUDGMENT M. Katju, J. - This appeal has been filed against the order dated 12-6-2000, of the Income-tax Appellate Tribunal, Delhi Bench-C, New Delhi. We have heard learned counsel for the parties and find no merit in this appeal. 2. The relevant assessment year is 1993-94. The question involved is about the valuation of the property in question being a residential flat at Roopam Building, 18, Worli Estate Scheme No. 52, Abdul Gaffar Road, Worli, Bombay, which is owned by the assessee and used as a guest house. During the assessment proceedings, the Assessing Officer noted that the assessee had shown the value of the above property at Rs. 1,55,139 on the valuation date 31-3-1993. The Assessing Officer made a reference to the Valuation Officer who valued the building at Rs. 2,60,73,000. The Assessing Officer called upon the assessee to explain why the valuation of the property be not taken as per the valuation report. The assessee replied that the valuation has to be done under section 7(1) of the Wealth-tax Act, 1957, in accordance with the rules 3 to 8 of Schedule III to the Act. Rule 3 states : "3. Subject to the provisions of rules 4, 5, 6, 7 and 8, for the purposes of sub-section (1) of section 7, the value of any immovable property, being a building or land, appurtenant thereto, or part thereof, shall be the amount arrived at by multiplying the net maintainable rent by the figure 12.5 : Provided that in relation to any such property which is constructed on leasehold land, this rule shall have effect as if for the figure…

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