TMI Blog1979 (8) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... rs in appeal before us were decided by AAC by a common consolidated order dt. 27th June, 1978, which is impugned, as such for the sake of convenience all the appeals are being disposed of by a common consolidated order. 3. The WTO has since taken the valuation in respect of the property, above referred to as under: Assessment year Amount 1972-73 Rs. 3,19,890 1973-74 Rs. 3,19,890 1974-75 Rs. 3,19,890 1975-76 Rs. 3,55,400 1976-77 Rs. 3,55,400 4. The assessee has shown the valuation of the property the subject-matter of the these appeals-at Rs. 1,27,498 and the WTO was of the opinion that the valuation shown by the assessee was low in v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 10,000 in valuation for all the assessment years, observing that the notional rent fixed by the WTO on the basis of the Departmental valuer's valuation was considered to be quite fair and reasonable. However, in the valuation of the land, the value adopted by the Departmental valuer for land reversion value, the rate at Rs. 70,724 per katha was high and excessive. AAC further observed that, considering that the building is assessed on the basis of rental method, the addition on this account (on account of valuation of land) should be comparatively reduced. 8. Still aggrieved the assessee has come up in second appeal. Before us the learned counsel for the assessee vehemently argued that the basis of valuation since adopted by the Asst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the basis of valuation and prayed for that the value of the property-the subject-matter of the appeal-be valued by the accepted mode of valuation, the rental value basis. 9. On its part the Revenue have supported the orders of the lower authorities and have further pointedly brought out this fact to our notice that since the year 1974 when the Capital of the Assam State was shifted from Shillong to Gauhati, the valuation of the properties at Gauhati have undergone a steep rise and further that in the case of the assessee the property was situated at an advantageous situation in the heart of the City and was being used for commercial purposes. Concludingly the Revenue have prayed for, that the orders of the lower authorities be upheld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision for out-goings have been made and deducted at one third of the annual rent, in the face of two valuation reports by the same Valuer and showing different valuations in respect of the same property, the credit-worthiness and reliability of the report and the sanctity thereof is lost. Hence both the reports by the assessee as to valuation of the property have to be rejected. The third valuation report is by the Asstt. Valuation Officer, IT Department, Gauhati and the Asstt. Valuation Officer has taken the rental income on notional basis at gross rent of the property which the property is capable of fetching, as against the fact that the property is in actual against the faft that the property is in actual occupation of the tenants a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment suffer from infirmities and accordingly it cannot be accepted. 12. The property, the subject-matter of appeals, is situated undoubtedly in the heart of the City. This fact is not controverted by the learned counsel for the assessee that the properties have since undergone steep rise with the shifting of Capital from Shillong to Gauhati, but at the same time this fact cannot be ignored that the subject-matter is also subject to Rent Control Act, accordingly we are of the opinion that the property can be valued by the well accepted method of taking the rental yield and multiplying it with certain years purchase. 13. The property is yielding a rent of Rs. 1,100 plus Rs. 630 per month and portion occupied by the assessee as self occup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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