9911796707
TMI Blog1981 (3) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment years under appeal is as follows: 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 was let out. It was pointed out that for a period of 10 years, the assessee could not dispose of or sell the property and so the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 value of the house property declared by the assessee in his returns of wealth is fair and reasonable." 5. We have heard the parties. In our opinion these cases have to be decided in accordance with the decision of the Special Bench of the Tribunal in WTA Nos. 614 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 determining the value of the house property in question. We have heard the Valuation Officer, Shri J.N. Sarkar, who appeared before us. The Valuation Officer or the Deptl. Rep. did not challenge the correctness of the working of the value of the property under r. 1BB as mentioned above. Since, however, the value declared by the assessee himself is more than the value worked out under r. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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