9911796707
TMI Blog1986 (12) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 the WTO had accepted the value of this house at Rs. 1,92,360. The value of this house was shown and accepted at Rs. 1,90,800 in the assessment year 1971-72. It was submitted before the learned AAC, in view of section 7 (4) of the Wealth-tax Act, the WTO should have adopted this value of Rs. 1,90,800 for the relevant assessment year. It was argued before him that the impugned property being residential house, rule 1BB of the Wealth-tax Rules should have been adopted by the WTO as this is the view of different Tribunals of all over India and also High Courts. It was informed by the learned assessee's counsel, the municipal tax of this house was only Rs. 695.56 per year. The learned counsel for the assessee also relied on the decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sis of which the assessment was made by the valuation cell officer was improper as no opportunity was given to the assessee and opportunity given in respect of valuation as on 31st March, 1975 could not be treated tantamount to be an opportunity given in respect of valuation as on 31st March, 1971. According to him every valuation was a separate valuation and separate opportunity should be provided to the assessee. The learned counsel for the assessee further submitted that the valuation should be adopted on the basis of rule 1 BB of the Wealth-tax Rules as admittedly the impugned property is a residential property. 4. The learned departmental representative, Sri N.P. Singh, on the other hand, was of the view that the proper opportunity h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the matter to the valuation cell for its opinion. As according to us, this is not necessary. Opinion of the valuation cell officer can be obtained when the WTO is unable to estimate the market value of any asset and when there is no difficulty in estimating the value as per rule, there is no necessity, nor the legislature intended, the WTO should refer the matter to the valuation cell. In our opinion, in this case rule 1BB will be applicable and hence we hereby set aside the order of the AAC and restore the matter to the WTO to re-do the assessment as per rule 1BB after giving proper opportunity of being heard to the assessee. The case cited by the learned departmental representative is not applicable on this issue as in that case their L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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