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TMI Blog2009 (2) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 1971-72, the valuation of the property was made at Rs. 2,50,000 by the Commissioner of Income Tax (Appeals) and the said order has attained finality because it was neither challenged by the assessee nor the revenue. Thus, in view of the provisions of section 7(4) of the Act, the value of the property as taken at Ks. 2,50,000 for the assessment year 1971-72 would be applicable to the subsequent assessment years as the assessment years involved in the present matter are 1972-73 to 1981-82. The reference is accordingly answered against the Revenue and in favour of the assessee. - 38 of 1989 - - - Dated:- 19-2-2009 - R. C. GANDHI ACTG. C. J. and M. N. BHANDARI J. R. B. Mathur for the Commissioner. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was challenged by the assessee and the Appellate Assistant Commissioner of Income-tax held that the value of the property as taken in the year 1971-72, i.e., Rs. 2,50,000 should be taken as the value of the property for subsequent assessment years also. The order of the Appellate Assistant Commissioner was challenged before the Tribunal by the Revenue, but the Tribunal confirmed the order of the Appellate Assistant Commissioner. Thus, the Revenue sought reference to the question referred to above. 3. We have heard learned counsel for the Revenue and perused the record. 4. The prime question involved for our consideration is that the interpretation of section 7(4) of the Act. For consideration of the aforesaid provision, it is quote ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, 1971, and in other cases if the ownership of the property comes later on, then the relevant date would be the valuation date following the date on which the assessee becomes the owner of the house. In the present matter, the assessee was the owner of the properly much prior to the assessment year 1971-72. Thus, valuation of the property for the assessment year 1971-72 becomes quite relevant. It has come on record that for the assessment year 1971-72, the valuation of the property was made at Rs.2,50,000 by the Commissioner of Income-tax (Appeals) and the said order has attained finality because it was neither challenged by the assessee nor the Revenue. Once the aforesaid value of the house became final, then the same value is required to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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