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Issues:
1. Validity of the cancellation of the order of the Commissioner of Wealth-tax under section 25(2) of the Wealth-tax Act, 1957. 2. Sustainability of the conclusion of the Appellate Tribunal in cancelling the order of the Commissioner of Wealth-tax. 3. Correctness of the finding by the Appellate Tribunal regarding the valuation of the property. 4. Determination of the correct valuation of the property based on the appropriate method. Issue 1: The Commissioner of Wealth-tax initiated proceedings under section 25(2) of the Wealth-tax Act, 1957, due to the Wealth-tax Officer's failure to refer the valuation of the property to the Departmental Valuation Officer under section 16A. The Commissioner set aside the assessment orders and directed the Wealth-tax Officer to reframe the assessments with the correct property value. The Tribunal, however, cancelled the Commissioner's orders, leading to a discrepancy in opinions between the Accountant Member and the Judicial Member. Issue 2: The Accountant Member opined that the valuation report was not wrong, and the Wealth-tax Officer should have accepted the returned value by the assessee. He also disagreed with the Commissioner's view that referring the valuation to the Valuation Officer was mandatory. In contrast, the Judicial Member found that the case fell under section 16A of the Act, emphasizing the necessity for the Wealth-tax Officer to refer the valuation to the Valuation Officer. Issue 3: The Accountant Member highlighted that the Wealth-tax Officer should have accepted the returned value by the assessee as it was not unreasonable. On the other hand, the Judicial Member emphasized the importance of following the procedures under section 16A of the Act to ensure the correct valuation of the property. Issue 4: The judgment emphasizes the procedural requirements for the Tribunal to reach a decision when the members have differing opinions. It outlines the necessity for collaboration among the members to arrive at a unanimous judgment and the statutory provisions that guide the decision-making process in such situations. The judgment underscores the importance of following the prescribed procedures to ensure a valid and conclusive decision by the Tribunal. In conclusion, the judgment highlights the importance of adhering to statutory provisions and procedural requirements in tax matters to ensure fair and accurate assessments. It underscores the need for consistency and collaboration among Tribunal members to reach a unanimous decision in cases where opinions differ, in line with the legal framework governing such proceedings.
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