9911796707
TMI Blog1984 (8) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... however, reflected in the firm's balance-sheet. The assessee claimed exemption under s. 5(1) (iv) in respect of the value of her interest in the immovable properties that was shown in the firm's account. The ITO negatived the assessee's claim for deduction under s. 5(1) (iv) amounting to Rs. 32,787, Rs. 33,776, Rs. 39,700, Rs. 35,565 and Rs. 36,374 respectively for the asst. yrs. 1976-77 to 1980-8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the said consolidated order of the AAC dt. 16th March, 1983 the Department has come up in appeals against both the relief allowed by the AAC under s. 5(1)(iv) of WT Act and in respect of reduction allowed in the value of the jewellery estimated by the WTO. The assessee, on the other hand has, filed cross objections in support of the AAC's orders. Since common contentions have been raised in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn at Rs. 2,92,947 which was based on the approved valuer's report in respect of the valuation date ending 31st March, 1976. It has been stated that the WTO did not accept the value shown by the assessee in her returns for the subsequent years, since no separate valuation report for the asst. yrs. 1977-78 to 1980-81 has been filed before the WTO. The assessee submitted before the AAC the approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proved valuer's report. In our opinion, it is of no consequence whether the WTO or the AAC considered the approved valuer's report inasmuch as none of the authorities can legally discard an expert's opinion without obtaining another opinion from an expert. In the circumstances of the case, the AAC having considered the valuer's report as on the valuation dates relevant for the asst. yrs. 1977-78 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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