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2017 (12) TMI 479 - AT - Wealth-taxMarket value of immovable property - adoption of the value determined by the Departmental Valuation cell - Held that:- There is a search in the case of the assessee and subsequently it is found that there are some immovable properties and the assessee has to file a wealth tax return, which he was not filed. The A.O. has issued a notice, accordingly, assessee filed the wealth tax return and declared immovable properties as per the books of accounts. The A.O. has referred the matter to the Departmental Valuation cell to ascertain the market value of the immovable properties, however, the A.O. has not received the report of the Departmental valuation cell, and therefore, he has completed the assessment with a rider that assessment will be revised after report received from the departmental valuation cell. Subsequently, the Ld. Commissioner passed an order u/s 25(2) of the Wealth Tax Act, directing the assessing officer to adopt the value determined by the Departmental Valuation cell and complete the assessment. We find that the above order passed by the Ld. Commissioner is not correct and not justified. It needs modification. In view of the above, "we direct the A.O. to issue one copy of the report of the Departmental Valuation Cell to the assessee and if any objections raised by the assessee, the same may be considered and complete the assessment in accordance with law” - Decided in favour of assessee for statistical purposes.
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