9911796707
TMI Blog1981 (5) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... f-occupied property in question determined by the WTO or pleaded for by the assessee, to determine the value of specifically applying the provisions of Rule 1BB of the WT Rules as those Rules have to be enforced in the appellate proceedings pending before the Hon'ble Tribunal." It was submitted that since this is a legal ground, it may be entertained. After hearing the ld. Representatives of the parties, we entertain the additional ground and proceed to examine the same. 3. The assessee has a residential house at 580-M.G. Road, Indore. The value of this house was disclosed in various assessment years as under: Asst.year. Value declared. Value Assessed. 1971-72 3,39,000 3,59,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is procedural. 2. Whether r. 1BB is directory or mandatory? It is mandatory. 3. Whether r. 1BB is retrospective in operation. Yes. It is retrospective and applies to all assessments which are pending before the WTO or are pending in appeal before AAC/CIT Tribunal. 4.Whether it is necessary to give a hearing to the Valuation Officer in a case in which reference was made to the valuation before r. 1BB was enacted ? In such case, it is obvious that the WTO would not have had occasion to consider whether r. 1BB(5) applied to whose cases, and he would not have applied mind in that direction. Hence, hearing the Valuation Officer in such will be premature. Interest the valuation should be restored ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at a sum of Rs. 78,450. The WTO adopted the value of the said property during the asst. yrs. 1973-74 and 1974-75 at a sum of Rs. 78,450 as per the report of the approved Valuer. However, in respect of the earlier two years, i.e., asst. yrs. 1971-72 and 1972-73 he adopted the value of this property at Rs. 60,000 and Rs. 70,000 respectively. So far as the value for the asst. yr. 1972-73 is concerned, there is no dispute since the assessee him self declared its value at Rs. 70,000 but the assessee's only grievance is with regard to the value placed for the asst. yr. 1971-72. It was contended that during the asst. yr. 1970-71, the value of this property was shown at Rs. 40,000 which was accepted by the WTO. For the asst. yr. 1971-72, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the value so arrived at should be taken towards the net wealth of the assessee in respect of all the four years under appeal. 8. For the asst. yr. 1973-74, the assessee declared the value of the agricultural land at Rs. 3 lacs. The WTO found that in the immediately succeeding year i.e., 1974-75, the value of the agricultural land was taken by the assessee at Rs. 3,95,000 as per the report of the approved Valuer. The WTO, therefore, adopted the value of the agricultural land for the asst. yr. 1973-74 at Rs. 3,50,000. In our opinion, the value adopted by the WTO at Rs. 3,50,000 during the asst. yr. 1973-74 is quite reasonable, considering the fact that in the very next assessment year the approved Valuer has valued the said lands at Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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