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TMI Blog1979 (4) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... ,50,000 being half of the value adopted at Rs. 7 lacs. 2. The AAC on appeal, confirmed the valuation adopted by the WTO. 3. Before us the assessee's case is that the building is located in a commercial area and has been rented out and on the basis of the rental, the value of the property cannot exceed Rs.2,45,000 as his share and further the same has been accepted in the past. The assessee's l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a well known architect who gave a value of the property at Rs. 7,50,000 which certificate is dt. 5th Nov., 1972 which is applicable to the assessment year under consideration, the ITO was justified in adapting the said value being the value emanating from the assessee himself. 5. We have considered the rival submission and we have seen the valuation report of the valuation officer, Valuation Cel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report of the Government Valuation Officer as on 31st March, 1975. That contains the elaborate details though we would be referring to that presently. This aspect we are referring to because the valuation of Rs. 7,50,000 is lacking all details and particulars in contract to the valuation report of the Government Valuation Officer referred to above. Therefore, much reliance cannot be placed on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,200 over the previous year. Therefore, the valuation report of the Government valuation officer cannot have application to the facts as prevailing for the assessment year. In question. So far as this assessment year is concerned, we have indicated the annual rent of the property to be Rs. 16,350. this is a rented out property situated in a commercial area and, therefore, the better method of va ..... X X X X Extracts X X X X X X X X Extracts X X X X
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