9911796707
TMI Blog1981 (7) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... he circular of the CBDT and in not accepting the value at Rs. 1,75,000 for the asst. yrs. 1972-73, 1973-74 and 1974-75. 3. That on facts, in the circumstances of the case, and in view of the objections raised, the learned lower authorise is grossly erred in accepting the value of structure computed by the Departmental valuer. 4. That on the facts and in the circumstances of the case, the learned lower authorities grossly erred in not accepting the value of land at Rs. 99,440 computed by the Tribunal for the asst. yr. 1971-72 as fair value for the yr. 1972-73 to 1975-76. 5. That on the facts and in the circumstances of the case, the ld. AAC grossly erred in determining the fair market value at Rs. 70, Rs. 80, Rs. 90 and Rs. 100 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal accepted the value of the said property at Rs. 1,75,000 and that the said value was not thereafter challenged by the Revenue either. At this stage on behalf of the appellant-assessee, our attention was drawn to sub-s. (4) of s. 7 contending that the said sub-section was inserted by the Finance Act, 1976 w.e.f. 1st April, 1976 and that in terms of the said sub-section an option was given to the assessee as to how the price of the self-occupied property will be determined i.e. either on the basis of the price in the open market on the valuation date next following the date on which the assessee became the owner or on the valuation date relevant to the assessment year commencing 1st April, 1971 whichever valuation is the later. It is an ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned in the sub-section was substantive in nature and that, therefore, cannot be procedural at the same time. He further contended that s. 7 of the WT Act is located in Chapter II of the Act dealing with charge of WT and assets subject to such charge and that in these circumstances, the provision cannot be of procedural in nature. The ld. Deptl. Rep. in all fairness to all conceded and correctly too that the facts before the Tribunal earlier and now are same and similar and issues are also common. 7. It was further contended on behalf of the respondent that even if s. 7(1) and (ii) be procedural, even then sub-s. (4) could be substantive in nature and that 124 ITR 799 applies to sub-ss. (1) and (2) and not sub-s. (4) of s. 7. It was furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter, the contentions raised on behalf of the Revenue appear to have got no merit for our consideration. Without going to the merit of the matter, we are of the view that the assessee is entitled to exercise option in terms of sub-s. (4) of s. 7 and in case he opts that the value as determined during the asst. yr. 1971-72 be adopted as the value of the property during the subsequent assessment year, the assessee is entitled to such an option and the Revenue should feel to have no grievance about it. We direct, therefore, that the consolidated impugned order be modified in the light of the above narration. 9. Ground No. 6—Value of gold ornaments: The contentions raised and the submissions made on behalf of the rival parties have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the finding of the Tribunal on paragraph 12 of the consolidated order of the Tribunal. 12. The assessee's daughter Km. Pramila is said to be minor during the asst. yr. 1955-56 and is said to have attained majority in Jan., 1973. The setting apart of the ornaments is said to have taken place some time during 1956. It is not shown before us in what manner the said setting apart did take place. It is further felt that by setting part the ownership of the assets cannot change hands. The setting apart cannot be equated with "transfer" mentioned in s. 4 of the WT Act. The "transfer" pre-supposes the exchange of hands and, therefore, ownership. Moreover, the Tribunal in the case of the assessee himself therefore vide their order has negatived t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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