9911796707
TMI Blog1983 (10) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... He declared the value of this property on the basis of the valuation reports of his valuer for the assessment years under consideration and his interest in the property which was well below Rs. 10 lakhs for each of the years under consideration. The WTO referred the valuation of this asset to the District Valuation Officer under s. 16A of the WT Act by his letter dt. 7th Jan., 1974.The District V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the AAC is objected to on various grounds. One of the grounds repeated before us is that the declared value of the assessee's interest in the property was below Rs. 10 lakhs. The valuation of this property was pending before the District Valuation Officer on 15th Dec., 1976. The District Valuation Office should have referred the valuation of this interest in the property to the valuation Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion reports. 3. We have carefully considered the facts and circumstances of the case and the arguments on either sides. The fact is that the assessee had declared the value of his interest in the Saki Naka property well below Rs. 10 lakhs for each of the assessment years under consideration. The valuation was referred to the District Valuation Officer on 7th Jan., 1974 and he submitted a report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aside with a direction to the WTO to get a fresh valuation report from the Valuation Officer as required under WT Rule 3A(4) for the purposes of these assessments. Since the assessments are set aside, we do not find it necessary to go into the other issues raised by the assessee in the present appeals.
4. For statistical purposes, the appeals will be treated as partly allowed. X X X X Extracts X X X X X X X X Extracts X X X X
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