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Issues involved: Challenge to reference to District Valuation Officer u/s 16A of Wealth-tax Act, 1957 for property valuation after assessments completed.
Summary: The High Court of BOMBAY heard a petition challenging the reference made by the Wealth-tax Officer to the District Valuation Officer u/s 16A of the Wealth-tax Act, 1957 for property valuation after assessments were completed. The reference was made for the assessment years 1972-73 to 1980-81. The Court referred to a previous decision and held that the reference made after assessments were completed for the years 1972-73 to 1975-76 was invalid. However, for the assessment years 1976-77 to 1980-81, the assessments had been completed in accordance with rule IBB of the Wealth-tax Rules, and the petitioners' valuation was accepted. Due to an interim stay, the assessment orders could not be served on the petitioners. Consequently, the petition was found to be infructuous for the years 1976-77 to 1980-81. The Court made the rule absolute for the years 1972-73 to 1975-76 and discharged the rule for the years 1976-77 to 1980-81. No costs were awarded in this matter.
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