9911796707
TMI Blog2009 (2) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal, Jaipur Bench, Jaipur has referred the following question in R. A. Nos. 227 to 235/JP187 arising out of W. T. A. Nos. 20 to 28/JP/87 for the assessment years 1972-73 to 1981-82: "1. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of section 7(4) of the Wealth-tax Act, 1957, were applicable and, therefore, the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars. It is stated that April 1, 1971, is the crucial date as per the provisions of section 7(4) of the Act as the assessee was the owner of the property even prior to 1971. The order passed by the Wealth-tax Officer was challenged by the assessee and the Appellate Assistant Commissioner of Income-tax held that the value of the property as taken in the year 1971-72, i.e., Rs. 2,50,000 should be tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luation date may, at the option of the assessee, be taken to be the price which, in the opinion of the Wealth-tax Officer, it would fetch if sold in the open market on the valuation date next following the date on which he became the owner of the house, or on the valuation date relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later: Provided th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year com mencing on first day of April, 1971, and in other cases if the ownership of the property comes later on, then the relevant date would be the valuation date following the date on which the assessee becomes the owner of the house. In the present matter, the assessee was the owner of the properly much prior to the assessment year 1971-72. Thus, valuation of the property for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
