1982 (2) TMI 143 - AT - Income Tax

Summary

Issues: Valuation of house property, Valuation of another house property, Valuation of agricultural land

In this case, the appeal by the assessee was directed against the order of the Appellate Controller regarding the estate of late Smt. Shantidevi. The first ground of appeal was deemed general and did not require consideration. The second, third, and fourth grounds of appeal pertained to the valuation of a house property, plot No. 4, Industrial Area, Sriganganagar, owned by the deceased. The Appellate Controller had initially valued the property at Rs. 2,76,000, which the assessee contested. The assessee argued that the property had been valued at Rs. 2,25,000 for wealth-tax purposes just one month before the death of the deceased, and there was no justification for an increase in value. The Tribunal agreed with the assessee, directing that the property should be valued at Rs. 2,25,000 as accepted for wealth-tax assessment. The fifth ground of appeal concerned the valuation of another house property at 23-C Block, Sri Ganganagar. The Appellate Controller had valued it at Rs. 46,000, while the assessee declared Rs. 36,000. The Tribunal directed the Assistant Controller to adopt the value of Rs. 40,000, consistent with the valuation for wealth-tax purposes. The last ground of appeal related to the valuation of agricultural land at Rs. 3,00,000, which was declared at Rs. 2,76,000 by the assessee. The Tribunal upheld the Appellate Controller's valuation at Rs. 3,00,000, aligning it with the valuation under the Wealth-tax Act. Consequently, the appeal was partly allowed, with modifications made to the valuation of the properties based on the wealth-tax assessments.