9911796707
TMI Blog1990 (12) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,300 was adopted. After allowing exemption of Rs. 1,00,000 under s. 33(1)(n) for residential property the net value of Rs. 2,13,300 was adopted. 3. On appeal, several contentions were raised by the accountable person disputing the valuation determined. One of the contentions raised was that the property should have been valued by applying the rental method as prescribed in r. 1BB of the WT Rules instead of adopting the land and building method. The Appellate Controller held that the DVO had already considered the objections of the accountable person before determining the valuation and no material defects were pointed out at the time of hearing before him to call for interference. The plea for valuation of the property in terms of r. 1B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on after meeting the objections of the accountable person should not be interfered with. 6. We have duly considered the rival submissions. At the outset it is to be observed that there is no dispute on any hand regarding factual position of the said house property being residential house property in nature. This fact is evident from the fact that the Asstt. Controller himself has allowed exemption under s. 33(1)(n) or Rs. 1,00,000 from the valuation of the property. When once the nature of the property is ascertained to be residential property, sub-s. (3) of s. 36 of the ED Act comes into force w.e.f. 1st March, 1981. According to this provision the valuation of the residential house property in the net wealth on the valuation date immed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il, 1971 whichever valuation date is later. In the instant case the deceased became the owner of the house property earlier to the asst. yr. 1972-73 for which wealth-tax valuation was made at Rs. 90,300. The valuation of the property as on 31st March, 1971 relevant for the asst. yr. 1971-72 is not made available. Taking such valuation at the same figure of Rs. 90,300 it could be said to represent the valuation of the property in terms of s. 7(4) of the WT Act, 1957 which is required to be applied in terms of cl. (b) of sub-s. (3) of s. 36 of the ED Act. In other words, the frozen value or pegged down value as on 1st April, 1971 is to be applied for estate duty valuation also. The object and purpose of the insertion of sub-s. (3) of s. 36 is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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