TMI Blog1991 (3) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... hether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the order of the Appellate Assistant Commissioner who directed the Wealth-tax Officer to adopt the average of the value as per the rent capitalisation method and land and building method?" The assessee is an individual owning a theatre complex in Bangalore. Though, initially, in the wea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e method, i.e., by averaging the two valuations, following the decision of this court in Smt. S. Neelaveni v. CWT [1980] 125 ITR 665. The Revenue questioned this before the Appellate Tribunal. The Appellate Tribunal affirmed the aforesaid order. Hence, these references. The only contention advanced by the Revenue is that the principle of averaging was wrongly applied and that the method of valui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t evidence in regard to the market value would be the value of the property itself if it has been the subject of purchase near about the valuation date. The next best evidence would be the value fetched for a similar property in the vicinity at about the same time. In the absence of such evidence resort is made to determine the value by capitalising the rent which the property would fetch if let o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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