TMI Blog1977 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid asset ; and (iii) in adopting a multiple of 12 for valuing the aforesaid asset according to the capitalization method ? (2) Whether, on the facts and circumstances of the case, the Tribunal's order as to valuation of the assessee's 1/3rd share in the house property in Harkishanpura, Ludhiana, is vitiated by reason of not having taken into consideration the wealth-tax assessment order dated January 7, 1975, made in the case of the assessee's brother, Shri Ranjit Kumar, a co-sharer in the said property for the assessment year 1972-73 ? " The assessee was the owner of 1/3rd share of the property in dispute which he valued at Rs. 73,333 on the basis of the certificate given by an estate valuer appointed by the Government of India. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the same parties were arrayed as against each other and if one assessee had been able to hoodwink the revenue it was no ground to give the same benefit to another assessee. After giving our careful consideration to the arguments advanced at the Bar, we are of the view that the pleas raised on behalf of the assessee deserve to be upheld. Section 3 of the Wealth-tax Act, 1957 (hereinafter called " the Act ") is the charging section and entitles the authorities to impose tax on the net wealth of an assessee on the corresponding valuation date. When the items of wealth consist of immovable property, their value has to be determined at the rates at which a willing buyer would purchase the same from a willing seller. C.B.R. Circular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one, then the court has to adopt that interpretation which favours the assessee. This principle applies with full vigour to a case in which different values of the same property are arrived at by adopting different methods. We are, accordingly, of the view that the choice of the method to be adopted for determining the value of property should be left to the assessee. Now, if the valuation determined by the municipal authorities for determining property tax can form the basis of assessment of wealth-tax, there appears to be no reason why assessment of value of a part of the same property made by the Wealth-tax Officer for the same assessment year against a co-sharer should not be accepted as the basis for framing assessment of wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion is not arbitrary or perverse, if it had been arrived at after due inquiry, if no fresh facts are placed before the Tribunal giving the later decision, and if the Tribunal giving the earlier decision has taken into consideration all material evidence. No doubt in this case earlier the matter was not taken to the Income-tax Appellate Tribunal, but then, as pointed out, it was never questioned by the Commissioner of Income-tax in exercise of his powers of revision which was the mode open to the revenue for re-consideration of the decisions of the Income-tax Officer year after year. " In the instant case, the assessee is not invoking the bar of res judicata on the basis of a decision given regarding an earlier assessment year. He claims ..... X X X X Extracts X X X X X X X X Extracts X X X X
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