TMI Blog1989 (1) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation dates relevant for the years in dispute. After the completion of those assessments, the Commissioner of Wealth-tax initiated proceedings under section 25(2) of the Act, calling upon the assessee to show cause why the wealth-tax assessment orders for the years in dispute may not be cancelled, so as to be made afresh as the "Dehradun property" had been undervalued by the assessing officer. It appears that, after the completion of the assessments, the assessing officer learnt that the property was sold by the assessee on August 18, 1983, for a consideration of Rs. 36 lakhs and this information prompted the Commissioner to take proceedings under section 25(2) of the Act. After considering the objections filed by the assessee, the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... findings of fact and is not a fit question for reference. The findings recorded by the Tribunal are that the assessment orders are neither erroneous nor prejudicial to the interests of the Revenue. In taking that view, the Tribunal, inter alia, recorded the following findings. (1) The assessments were made after application of judicious mind and after making due enquiries. (11) The valuation assessed at the assessment stage was in consonance with the past history and the assessed valuation of the same property. (111) The disputed property was a rented one on an annual rent of Rs. 18,000 since the year 1963 and the rental income was assessed year after year in the hands of the assessee to income-tax. The transaction of letting out w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se findings are perverse. The contention of standing counsel was that the decision of the Tribunal gives rise to a question of law as it has construed the expression "record" occurring in section 25(2) of the Act. The question sought, in our opinion, is academic because the Income-tax Appellate Tribunal has not based its order entirely on the meaning of the expression "record". The other reasoning on which the decision of the Tribunal is based is a factual one and is equally fatal to the case of the Revenue and it cannot succeed unless the other findings are vacated. As stated earlier, the other factual findings have not been challenged by the Revenue in these applications. For what has been stated above, we reject these applications as n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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