TMI Blog2004 (9) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... g that the value adopted by the Wealth-tax Officer did not reflect the fair market value of the property within the meaning of section 7(1)?" - We answer both the questions of law referred to us in the negative, i.e., in favour of the Revenue and against the assessee - - - - - Dated:- 7-9-2004 - Judge(s) : R. K. AGRAWAL. JUDGMENT The judgment of the court was delivered by R.K. Agrawal J.- The Income-tax Appellate Tribunal, Delhi, has referred the following two questions of law under section 27(3) of the Wealth-tax Act, 1957, hereinafter referred to as "the Act", for the opinion to this court: "1. Whether on the facts and in the circumstances of the case, the hon'ble Tribunal was correct in law in its finding that the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property as on March 31, 1971, at Rs. 24,87,460. After the receipt of the said valuation report, the Wealth-tax Officer, however, framed the wealth tax assessment on March 27, 1979, taking the valuation of this property at Rs. 3,42,918. The Commissioner of Income-tax initiated proceedings under section 25 of the Act and after giving opportunity of hearing to the respondents set aside the order of the Wealth-tax Officer with a view to enable him to reframe the assessment after taking into account all the material facts. The Commissioner of Wealth-tax referred to the valuation report submitted by the valuer which had not been taken into consideration by the Assessing Officer. The respondent preferred an appeal before the Tribunal which has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted under section 16A of the Act for holding that the order was erroneous and prejudicial to the interests of the Revenue as the property has been assessed at a very low figure. Having heard learned counsel for the parties, we find that the Valuation Officer in his report had worked out the value of the property as on March 31,1971, at Rs. 24,87,460. The Wealth-tax Officer while framing the assessment on March 27, 1979, had taken the value of the property in question at Rs. 3,42,918. It is true that for the assessment year in question, i.e., 1971-72, no reference was made under section 16A of the Act to the Valuation Officer but the fact remains that the Valuation Officer had submitted his report dated March 3, 1979, valuing the prop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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