TMI Blog2017 (12) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... the report of the Departmental valuation cell, and therefore, he has completed the assessment with a rider that assessment will be revised after report received from the departmental valuation cell. Subsequently, the Ld. Commissioner passed an order u/s 25(2) of the Wealth Tax Act, directing the assessing officer to adopt the value determined by the Departmental Valuation cell and complete the assessment. We find that the above order passed by the Ld. Commissioner is not correct and not justified. It needs modification. In view of the above, "we direct the A.O. to issue one copy of the report of the Departmental Valuation Cell to the assessee and if any objections raised by the assessee, the same may be considered and complete the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 31.3.2007, the market value of these properties are to be ascertained and taxable wealth has to be determined. The assessee has not filed any wealth tax return for assessment year 2007-08, accordingly, a notice u/s 17(1) of the Act dated 18.4.2013 was issued by the A.O. to the assessee calling the return of net wealth. In response to this, the assessee filed wealth tax return on 7.5.2013 admitting net wealth of ` 97,92,200/-. Accordingly, the assessment was completed u/s 16(3) r.w.s. 17(1) of the Wealth Tax Act on 30.3.2015. On verification of the details furnished by the assessee, it is noticed by the A.O. that the assessee has shown the values of the immovable properties as per the books of accounts but for the purpose of wealth ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted before the A.O. that there is no error in the assessment order. The delay in receipt of the valuation report from the DVC cannot be attributable to the assessee and the assessment completed cannot said to be erroneous. The Ld. Commissioner after considering the above explanation of the assessee, he passed an order u/s 25(2) of the Wealth Tax Act and directed the A.O. to adopt the values determined by the Departmental Valuation Cell u/s 2(e)(a) of the Wealth Tax Act complete the assessment accordingly. 3. On being aggrieved, assessee carried matter in appeal before the Tribunal. The Ld. Counsel for the assessee has submitted that the assessee has not received report of the Departmental Valuation Cell, therefore, a copy should be give ..... X X X X Extracts X X X X X X X X Extracts X X X X
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