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TMI Blog1981 (6) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... s and Rs. 2,75,000 for asst. yr. 1975-76, against Rs. 1,26,000 declared by the assessee for the various assessment years. The assessee had got this property valued by an approved valuer and on the basis of the estimate of the approved valuer, he declared the value of his share in the said property at Rs.1,26,000. The WTO referred the valuation issue to the Departmental Valuation Cell and on the basis of the determination of the valuation by the said Valuation Cell, WTO adopted the value of the assessee's share at Rs. 2,12,550, Rs. 2,54,910, Rs. 2,76,120 respectively for asst. yr. s. 1971-72 to 1973-74 and for each of the asst. yrs. 1974-75 and 1975-76 the value was taken at Rs. 3,18,300. In appeal the ld. AAC noticed that the Departmental V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the property was in a low lying area adjacent to the grave yard and further that acquisition proceedings against the said property started by the Delhi Administration were still pending and if the property was acquired, compensation would not more than be Rs. 30 per sq. Yard. Shri Aiyar also emphasised the fact that the said plor had been included in the Delhi Madter Plan and was earmarked for a high school and hence there was no potential for development in the way the assessee had wanted. Drawing our attention to the report of the Departmental Valuation authorities which is at pages 8 to 12 of the paper book, it was shown that the Valuation Officer of the Department was himself convinced that compensation for the plot would be round a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as on31st March, 1971he fixed the value of the plot oat Rs. 4,20,000. Another approved valuer Shir R.K. Verma valued the plot as on7th Jan., 1972at Rs. 4,00,000 at the instance of the other co-owner Shri Pralad Krishan. 5. Immediately after the purchase of this land Delhi Administration started acquisition proceedings on25th May, 1960of this plor alongwith 5 other properties. The acquisition proceedings in respect of the other properties were dropped but were continued with regard to the particular plot. The owners of the plot including the assessee represented against acquisition by the Delhi Administration and eventually by order dt10th Dec., 1970the Hon'ble High Court restrained the Delhi Administration from proceeding to acquire the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en into account the adverse factors properly. The ld. AAC considered all the facts stated before him and he proceeded to make his own estimate and he reduced substantially the estimate of the Departmental Valuation Cell. The position thus was that the ld. AAC did not follow the estimate of the Departmental Valuation authorities. At the same time it is not accept the value fixed by the approved valuer of the assessee but for not accepting the same, no reasons have been given. In fact, the ld. AAC did not go into that aspect at all. After all, valuation of property is a highly technical matter and when the estimate of the assessee's approved valuer is pitched against the valuation done by the Departmental Valuation Cell, it is necessary for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the basis on which value was fixed by the Departmental Valuation Cell between Rs. 50 per sq. yd to Rs. 75 per sq. yd. for asst. yrs. 1971-72 to 1974-75. Taking into account all the facts we feel that the valuation done by the two approved values of the assessee and other co-owner should have been accepted as the rate adopted i.e. Rs. 30 per sq. yd. was quite fair and reasonable. We direct that the value declared by the assessee on the basis of the estimate of the approved valuer should be accepted. 9. The next common point is with regard to the valuation of Khari Baoli property. The assessee declared the value of this property at Rs. 17,500 in the asst. yr. 1971-72 in which his share in the said property was 1/2 and at Rs. 8,750 in the ne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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