1977 (5) TMI 37

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ated the value at Rs. 67,500 by considering the circumstance that it was found from the books of the deceased that average sale proceeds of cotton grown on his land for the two years amounted to Rs. 13,500. The Accountable Person had disclosed its value at Rs. 17,000 and the approved valuer had valued this land at Rs. 21,250 at the rate of Rs. 2,500 per acre. The Appellate controller, after consid .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rson that the Assistant Controller had not worked out the net receipt and had merely taken into account the gross sale proceeds of the cotton, which worked out to Rs. 13,500 on an average in the two years considered by him. Hence, the contention was that taking five times of the goods sale proceeds naturally resulted in estimating a higher valuation for one land. We find that this submission of th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X