TMI Blog1988 (7) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... these applications, the assessee has asked for the following three questions to be referred : "1. Whether, on the facts and in the circumstances of the case, the Tribunal erred in law in holding that the valuation of the property computed in accordance with the direction of the Tribunal be not less than that returned by the assessee itself ? 2. Whether, on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property ?" However, at the time of the argument, Mr. Harnam Shankar stated that he was pressing only question No. 1 as question No. 2 is already covered by the question referred by the Tribunal as per its order dated January 23, 1981. He conceded that question No. 3 was a question of fact and need not be referred. The dispute in the case relates to valuation of 20A, Aurangzeb Road, New Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealth-tax Officer "to recompute the value of the property in different years in the light of the above directions" but indicated that the recomputed value will not be less than that returned by the assessee in those years. The assessee moved the Income-tax Appellate Tribunal under section 27(1) of the Wealth-tax Act to refer, inter alia, the above mentioned question No. 1. The Tribunal did not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s will be accepted by the Wealth-tax Officer, if it is higher than the valuation of the property arrived at by the application of rule 1 BB of the Wealth -tax Rules ". The basic question is if the value as calculated under rule 1BB is less than the value shown in the return, can the assessee get the benefit of this lower value ? We feel that this is a question which needs determination and shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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