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TMI Blog1979 (7) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation of assessee's house property. The WTO on the basis of 16 times of the net rental income of the property, determined the value for the first year under appeal at Rs. 3,35,700 and that for the second year at Rs. 4,01,440. 3. When the matter went up to the AAC it was contended on behalf of the assessee that the estimated valuation on the basis of 16 times of the net rent was on the highe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years under appeal. 4. The assessee has come up in further appeal before us and it was contended by the learned counsel for the assessee that in the immediately preceding year, the WTO himself accepted the value returned by the assessee for the house property in question at Rs. 1,57,887. He, therefore, claimed that the AAC was not justified in estimating the value for each of the two years unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come may be very low and the return from the investment may be lower even than the gilt edged rates and that such cases should be approached with caution. He, therefore, submitted that in the light of this principle it could not be said that the AAC was not justified in estimating the value of the assessee's house property on the basis of 16 times of the net rental income. 5. Having heard the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comes for both the years under appeal. 6. The next common grievance of the assessee is against the estimated value of its low land measuring about 3.87 acres at Rs. 800 per decimal. The assessee returned the value of this land at Rs. 1,63,500, but the lower authorities determined the same at Rs. 2,61,600 by application of the rate of Rs 800 per decimal. 7. In the further appeals before us th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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