TMI Blog1993 (3) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... g the order of his predecessor and also in view of the Cochin Bench of ITAT in the assessee's own case. It is agreed before us that the issue is covered in favour of the assessee in WTA No. 233/Coch/83 for the assessment year 1978-79. The facts being similar, we uphold the findings of the CWT (Appeals) on this point. 8. The other issue is against the order of CWT (Appeals) in setting aside the assessment in respect of the valuation of 16 items of properties as per the Valuation Officer's report. We have heard rival submissions and perused the records. The assessment for the assessment year under consideration was made on 24-3-1986. By then the Assessing Officer did not receive the detailed valuation report. All that he had in his possessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation report determining the value of each of 16 items of properties. Not only this. In the absence of a detailed valuation report from the valuation cell prior to the completion of the assessment, there could be no knowing on the part of the Assessing Officer whether all the properties as referred by him had been considered for valuation in accordance with law. The state of affairs with the assessee is still worse because he has been slapped with a valuation, the details of which are not known to him, mode and method by which such valuation was done was also unknown to him. Therefore, when he filed an appeal before the CWT (Appeals) within the statutory time allowed, he could not effectively defend his stand and object to the valuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire. (3) Where the Valuation Officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the Wealth-tax Officer and to the assessee. (4) Where the Valuation Officer is of opinion that the value of the asset is higher than the value declared in the return made by the assessee under section 14 or section 15 or where the asset is not disclosed or the value of the asset is not declared in such return or where no such return has been made, the Valuation Officer shall serve a notice on the assessee intimating the value which he proposes to estimate and giving the assessee an oppo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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