TMI Blog1984 (7) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... he sake of convenience as the facts are identical. The appeals pertain to asst. yr. 1976-77 for which the valuation date is 3rd Nov., 1975. The assessee have 1/7 share in each Brookland Estate and Woodland Estate. The WTO completed the assessments on 31st March, 1981 by estimating the value of Woodland Estate at Rs. 25lakhs as against book value of Rs. 18,00,720. The difference in the value was at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment order, was added to the taxable wealth of the estate and after allowing exemption under s. 5(1)(iv) of the WT Act, 1957, the WTO determined the 1/7 share of the assessee at Rs. 1,11,879 each. Similarly, the WTO estimated the value of Brokland Estate at Rs. 25,00,000 and deducting the book value shown at Rs. 16,51,729 and also the increase in value of land shown by the assessee by Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... According to the CIT, the orders of the WTO were erroneous inasmuch as the WTO had estimated the value of lands in each of the two estates at Rs. 25 lakhs each and on that basis the enhancement of the assessee s share worked out to 3.12 lakhs and 3.06 lakhs in respect of Brookland Estate and Woodland Estate respectively each. Therefore, the orders passed by the WTO were erroneous and prejudicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esentative has been duly heard and he has supported the orders of the CWT. 5. After due consideration we hold that in view of the decision of the Madras High Court in the case of CIT vs. City Palayacot Co. (1980) 15 CTR (Mad) 365 : (1981) 132 ITR 430 (Mad) and the Supreme Court in the case of CIT vs. Amrit Lal Bhogilal (1958) 34 ITR 130 (SC) the contention regarding the theory of member could no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as increased the value of the land of these two estates in order to ascertain the respective share of interest therein. In other words, the assessee has not returned share of interest in the estates on the basis of book value but on the basis of estimated value of the land. The assessee has also filed appeal on merits of the case. In the circumstances, we accept the contentions of the ld. Represen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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