1982 (10) TMI 87

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..... .31-3-1974is the corresponding valuation date. The assessee is an individual. The assessment was completed by the WTO as per order dated13-3-1979determining net wealth at Rs. 1,24,000. The said net wealth included the value of the assessee's one-third share in House No. 2/12, East Patel Nagar,New Delhi. The assessee had declared the value of said share at Rs 67,466 on the strength of registered va .....

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..... sing out of the said judgment stood referred to the High Court, the revenue also contended that the Tribunal's judgment in the case of Biju Patnaik is non est, inasmuch as the said judgment was given by a Bench comprising three members and, according to the revenue, the President of the Tribunal under the Wealth-tax Act had no power to constitute a Bench of three members. 5. So far as the aspect .....

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..... ion 255(1) of the Income-tax Act runs as follows : "The powers and functions of the Appellate Tribunal may be exercised and discharged by Benches constituted by the President of the Appellate Tribunal from among the members thereof." 7. Section 24(11) expressly provides that provisions of sub-section (1) of section 255 of the Income-tax Act are to apply to the Tribunal in the discharge of its .....

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