9911796707
TMI Blog1983 (12) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to asst. yrs. 1977-78 and 1978-79 only. The assessee is an individual and the last dates of financial years are the valuation dates. The original assessments for 1977-78 was completed on 1st August, 1978 on a net wealth of Rs. 1,47,900 and on 31st October, 1979 on a net wealth of Rs. 1,47,900 and on 31st October, 1979 on a net wealth of Rs. 1,70,600 respectively for the asst. yrs. 1977-78 and 1978-79. Subsequently, the assessment for 1977-78 was redone on 26th March, 1980 to include jewellery which was omitted in the original assessment, but we are not concerned with this aspect. The assessee owns two house properties bearing Door Nos. and 6A in the 4th St, Shenoy nagar, Madurai of which the former is used for residential purpose while t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme Court dt. 30th October, 1978 in the case of D.R.Chawla, WTO vs Ram Das Kilachand where in the Supreme Court dismissed the Special Leave Petition (Civil) No. 5663 of 1980 filed by the department against the Judgment of the Bombay High Court dt. 10th January 1980 in C.A. No. 447 of 1979, whereby the High Court dismissed in limine the department's appeal against the judgment of a single Judge allowing the assessee's writ petition on the point whether, the WTO having completed the assessment accepting the assessee's valuation, can reopen the assessment on the basis of the departmental valuer's report, and whether the departmental valuer's valuation report constitutes 'information' within the meaning of s. 17(1)(b) of the WT Act, 1957. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... W.T.A. Nos. 703 to 711 filed by the department pertaining to the asst. yrs. 1964-65 to 1974-75 and 1960-61 to 1974-75 respectively dt. 17th February, 1981 in the case of Biju Patnaik vs WTO (1981) 12 TTJ 25 (Del) wherein it has been held that rule 1BB is clearly a rule of procedure, retrospective in operation, applies to all pending proceedings and is mandatory in nature and binds not only WTO but also the Valuation Officer who is a part of the machinery under the WT Act. 7. Another common issue relates to pegging of the valuation of residential house property in terms of s. 7(1) of the WT Act, 1957. Before the WTO the assessee claimed that the residential property should be valued as on 31st March 1971 in terms of s. 7(4) but the WTO reje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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