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2004 (9) TMI 21 - HC - Wealth-taxThe valuation was arrived at on the basis of the valuation certificate of a registered valuer who determined the valuation as a mean of the value determined by the land and building method and the rental method. Subsequently, the returns were revised and the value of the factory was declared at Rs. 1,48,500 on the basis of the rental method alone. The Assessing Officer did not accept this valuation and referred the matter to the Department's Valuation Officer - in view of the findings of fact recorded by the Tribunal that the assessee himself had not shown the valuation in his return of income on the basis of the rental method and had also failed to raise any objection to the valuation determined by the District Valuation Officer, it cannot be said that the action of the Assessing Officer in adopting the valuation as per the District Valuation Officer's report was in any manner erroneous - Further, It has not been disputed that the assessee had declared himself to be the owner of the whole land in the wealth-tax returns for the assessment years 1968-69 onwards - It is also not in dispute that the assessee has been in adverse possession of the land for more than 12 years - Tribunal was justified in upholding the action of the Assessing Officer in assessing the entire land in the hands of the assessee
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