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TMI Blog1976 (8) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... of the firm Sagar Rice & Oil Mills, Kishanganj in which firm the assessee had 6/16th shares as a partner. The WTO took the value of the land and building at Rs. 1,05,000 in each of the four assessment years in question. The WTO has pointed out that the value of land and building was estimated at Rs. 85,000 by the Tribunal for the asst. yr. 1968-69. The WTO also pointed out that it was a well known fact that there was large scale rise in prices of immovable property and so the WTO estimated the value of lands and building at Rs. 1,05,000 for all the years. Unfortunately, the WTO has specifically mentioned the value of land and building are 1,05,000 in the asst. yr. 1969-70 relating to Sagar Rice & Oil Mills, Kishanganj, but in the other year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Representative has supported the order of the WTO. 5 The learned counsel for the assessee has submitted that the graduated increase in the valuation is unjustified in view of the Government's higher taxation policy, increase in bank rate and other adverse factors rendering investment in immovable properties unattractive and that there was no large scale rise in prices of land and building. The learned counsel for the assessee has conceded before us that the assessee had 6/16th share or 37-1/2 per cent in the firm. Sagar Rice & Oil Mills, Kishanganj. The learned counsel for the assessee has relied o the valuer's report who has valued the land and building at Rs. 50,500 on 31st Dec., 1968. We cannot accept this valuation as the valuer has v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the WTO:-- Gold ornaments Asst. yr. Market value of gold per tola as ascertained by the W.T.O. Value taken per tola by the W.T.O. Value of 195 toals 1969-70 Rs. 339.36 Rs. 330 Rs. 64,350 1970-71 Rs. 363.60 Rs. 355 Rs. 69,225 1971-72 Rs. 339.36 Rs. 330 Rs. 64,350 1972-73 Rs. 381.78 Rs. 375 Rs. 73,125 Before the AAC the submission was that the proper deduction was not given for the impurities. The AAC found that normally in case of ornaments 10 per cent can be taken as impurities which is generally deducted in the ornaments when sold. He, therefore, considered it proper to take the weight of all the ornaments at 175 tolas. The AAC has taken the market value of gold per tola at Rs. 340, Rs. 364, Rs. 340 and Rs. 382 on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed by Sheikh Memon. The WTO will decide the issue after giving opportunity to the assessee of being heard and after considering necessary evidences in this respect. 9. The next ground which is common to all the four assessment years in question relates to the valuation of jewellery at Rs. 45,000, Rs. 50,000, Rs. 45,000 and Rs. 52,000 in the asst. yrs. 1969-70 to 1972-73 respectively. The Appellate Asstt. CIT has pointed out that the items consisted of articles of diamonds, moti and pearls. The WTO has pointed out that he had taken the value at Rs. 41,125 for the asst. yr. 1968-69 and the value had not been disputed or challenged by the assessee. The WTO, therefore, based his estimates for these four years on the basis of his past estimat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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