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TMI Blog1984 (9) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... y self occupied. CIT (A) rejected the assessee's contention for valuation of he said property under r. 188 on the ground that the said rule was not operative in asst. yr. 1977-78. We, however, following Tribunal Special Bench Delhi's order in Biju Patnaik vs. WTO (1982) 1 SOT 623 (Del) (SB) direct WTO that the said property be valued under r. 1BB. The WTO while valuing the said property in accordance with the said decision will keep in mind the direction of Tribunal in that case of Shri Biju Patnaik. 4. The assessee has 5/14th share in the Gurunanak Auto Market, Kashmere Gate Delhi which is a commercial property and was let out to 250 tenants. The assessee valued it on the basis of registered valuer's report at Rs. 5,43,905 while WTO on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer though he had allowed 6% collection charges in Gurunanak Market. Valuation Officer supports it on the ground that there are lessor number of tenants in this market as compared to Gurunanak Market. We are, however, unable to see any distinction. We accordingly direct that 6% collection charges be allowed for working out the net rent. 7. The next controversy is regarding the multiple for capitalisation which was adopted by the Valuation Officer at 12.492 in respect of this market as against multiple of 10.003 in the case of Gurunanak Market. It was pointed out that in the case of Smt. Gian Kaur, legal heir of Anokh Singh, ITAT '(D)' Bench Delhi in asst. yr. 1977-78 had applied multiple of 10 times. We note that as per r. 1BB the multiple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rers and, therefore, the value shown by at Rs. 4,535 should have been accepted The area of the land remaining with the assessee after acquisition of the part of the land by the Govt. is not indicated. Over the last decade with coming up of Govt. servant's Co-operative House Building Societies in Trans-Jamuna colonies value of land of trnas-Jamune land has greatly appreciated. We, therefore, uphold the valuation of Rs. 15,000 made by the lower authorities. 11. The assessee's agricultural land in village Gadardur and village Gadarpur was valued by the assessee at Rs. 2,82,720 on the basis of a registered valuer's report who valued land @ Rs. 3,000 per bigha. WTO on the basis of the Valuation Officer's report valued the said land @ Rs. 10,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the valuation by CWT (A). In the result, the Revenue's ground on this point fails. 16. The Revenue's next grievances regarding valuation of plot No. 154, Moti Khan.New Delhiwhich the assessee valued at Rs. 30,000 and WTO on the basis of Valuation Officer's report valued it at Rs. 3,91,400. This plot measuring 650 sq. yd. was obtained from DOA on perpetual lease on12th June, 1963on payment of premium of Rs. 16,242. Assessee said half of the plot to Manna Singh vide agreement dt.30th Jan., 1968for Rs. 38,000 and capital gain of Rs. 10,331 was assessed in asst. yr. 1968-69. The other half of the plot was sold to Gurucharan Lal vide sale agreement dt. 30th Jan., 1968 for Rs. 32,000 out of which Rs. 2,000 were received and Rs. 30,000 was outst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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