TMI Blog1995 (12) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... stion of law has been referred by the Income-tax Appellate Tribunal to this court for opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the reversionary value of the land was not includible for purpose of valuation when the property was valued on the rent capitalisation method ? " The assessee is an individual. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Departmental valuer by the rent capitalisation method, the assessee appealed to the Commissioner of Wealth-tax (Appeals). The Commissioner of Wealth-tax (Appeals), following the decision of the Calcutta High Court in CWT v. Smt. Ashima Sinha [1979] 116 ITR 26, accepted the contention of the assessee and directed the Wealth-tax Officer to work out the value of the assessee's share in the proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain be added thereto by adding the " reversionary " value of the land on the ground that the building is very old. We are in agreement with the ratio of the decision of the Calcutta High Court in this regard in CIT v. Smt. Ashima Sinha [1979] 116 ITR 26. We have also perused the decision of the Karnataka High Court in Smt. S. Neelaveni v, CWT [1980] 125 ITR 665. The said decision, in our opinion, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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