1984 (3) TMI 102 - AT - Income Tax

Summary

Issues:
1. Valuation of properties and shares for various assessment years.
2. Question of limitation and time-barred assessments.
3. Exclusion of gold ornaments from net wealth.
4. Application of rules and guidelines for valuation.

Analysis:
1. The common grounds raised in the departmental appeals pertain to the valuation of properties and shares for different assessment years. The dispute includes the valuation of the Kandivali property, Napeansea Road property, and shares of Kesar Corpn. (P) Ltd. Additionally, a Full Bench decision regarding the exclusion of gold ornaments from the net wealth for specific assessment years is referenced.

2. The core issue of limitation arises from the claim made by the assessee that assessments for certain years became time-barred due to a writ petition filed earlier. The contention was based on the period of limitation set forth in the law. However, after extensive hearings and discussions, a settlement was reached between the parties. The assessee agreed to withdraw the claim of assessments being time-barred for certain years, and assessments were agreed upon for the pending year.

3. The valuation of properties, specifically the Kandivali and Napeansea Road properties, was a significant point of contention. The assessee provided an expert's opinion on valuation, while the department relied on the Government valuer's figures. Through discussions and negotiations, an agreed value was reached for the properties for multiple assessment years, resolving the valuation dispute.

4. The application of rules and guidelines for valuation, particularly regarding the shares of Kesar Corpn. (P) Ltd., was addressed. The parties referred to Circular No. 322A issued by CBDT and guidelines laid down by the Supreme Court for the valuation of unquoted shares of Investment Companies. An agreed value was determined based on these guidelines, ensuring a resolution to the valuation issue.

5. The judgment concluded by partially allowing the departmental appeals and dismissing the assessee's cross objections. The appreciation was expressed for the constructive approach taken by all parties involved in resolving the complex legal issues presented before the Tribunal.