2000 (12) TMI 9 - SCH - Wealth-tax

Whether, the Tribunal was justified in holding that the market value of the assessee s right in the property at Delhi, was not Rs. 8,00,000 as assessed by the Wealth-tax Officer on the basis of the report from the Valuation Officer - tribunal is directed to refer the question to HC - It will be open to the assessee to contend, that the valuation should be arrived at by employing the provisions of rule 1BB & HC shall take this contention into account when answering the question on its merits.

Summary

The Supreme Court allowed the appeal and set aside the order of the High Court. The Tribunal will refer the question regarding the market value of the property for consideration by the High Court. The judgment of the Calcutta High Court was relied upon by the Tribunal in reaching its decision. The assessee can argue for valuation based on Wealth-tax Rules.