9911796707
TMI Blog1981 (3) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... : Assessment year Returned Value Assessed Value 1968-69 1,90,000 3,02,200 1969-70 2,85,000 4,68,900 1970-71 2,90,000 4,68,200 1971-72 2,90,000 4,09,500 1972-73 2,85,000 5,13,400 1973-74 2,85,000 5,43,500 1974-75 2,85,000 5,93,500 1975-76 2,85,000 5,99,700 As already stated, the market value of the property was enhanced by the WTO on the basis of the report of the departmental Valuation Officer. 3. The assessee preferred appeals to the AAC of Wealth-tax. It was contended that the property in question was partly self-occupied and partly it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e value declared by the assessee, the AAC considered the value as shown by the assessee as fair and reasonable and directed the WTO to modify the assessments accordingly. 4. Against the above order of the AAC, the Revenue has come up in appeal to the Tribunal. The following identical grounds have been taken in each appeal: "On the facts and in the circumstances of the case, the learned AAC of Wealth-tax erred in: (i) giving relief to the assessee in the matter of valuation of the house property without giving an opportunity of being heard to the Valuation Officer as provided under s. 23 (3A) (a) of the WT Act; (ii) relying on the WT (Amendment) Rules, 1979 which came into force on1st April, 1979only; and (iii) holding that the val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it necessary to get the asset value again by the Valuation Officer, in cases covered by Rule 1BB (5), it will be necessary to hear the Valuation Officer at the time of an appeal against such valuation. (v) Whether the assessee having returned a higher valuation cannot take advantage of Rule 1BB to claim reduction in the Valuation? The assessee can claim benefit of the Rule 1BB even if he has returned a higher valuation. (vi) Whether benefit of Rule 1 BB can be availed of by an assessee whose case falls under s. 7(4)? Yes (vii) Whether Rule 1 BB binding the Valuation Officer ? Yes. In the light of the above decision of the Special Bench, it is clear that r. 1BB is applicable for determini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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