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Issues: Valuation of property for assessment year 1975-76, challenge to valuation by appellant assessee, failure to examine objections by ld. AAC, obligation to provide opportunity to Valuation Officer, setting aside impugned orders.
The judgment by the Appellate Tribunal ITAT Indore pertains to the valuation of a property named "Ansal Bhavan" in New Delhi for the assessment year 1975-76. The appellant assessee challenged the valuation done by the Valuation Officer, which resulted in an increase from Rs. 2,17,500 to Rs. 3,09,000, affecting the shares of the appellants. The matter was referred to the Valuation Officer under the WT Act, and the valuation was adopted by the WTO, leading to the appeal by the appellants. The ld. AAC confirmed the valuation, prompting the appeals by the appellants. During the proceedings, it was noted that the ld. AAC failed to consider the objections raised by the assessee against the valuation report, as required under section 23(3A) of the WT Act. This omission was deemed erroneous, and the Tribunal found that the ld. AAC should have provided an opportunity to the Valuation Officer to address the objections. As a result, the impugned orders were set aside, and the matter was directed to be reconsidered by the ld. AAC in compliance with the statutory provisions. The Tribunal observed that the ld. WTO had relied on the Deptl. Valuer's report for valuation, which was contested by the assessee before the ld. AAC. While the Tribunal had the authority to provide an opportunity to the Deptl. Valuer under section 24(5)(a), it was deemed appropriate for the ld. AAC to reexamine the matter. Therefore, the impugned orders were set aside, and the case was remanded to the ld. AAC for fresh determination in accordance with the statutory requirements of the WT Act 1957. In conclusion, the appeals by the assessee were treated as allowed for statistical purposes, and the matter was remanded to the ld. AAC for a fresh determination in compliance with the provisions of the WT Act.
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