2000 (7) TMI 982

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..... following questions, in a bunch of eight references, which shall be governed by this common judgment, pertaining to asst. yrs. 1971-72 to 1978-79, have been referred by the Income-tax Appellate Tribunal, Delhi Bench (for short the Tribunal), under s. 27(1) of the WT Act, 1957 (for short the Act), for opinion of this Court. "1. Whether, on the facts and in the circumstances of the case, the .....

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..... assessee took the stand that in view of the clear stipulations in s. 16A of the Act, the WTO had no power to determine, without reference to the Valuation Officer, the market value of a property which is higher than ₹ 50,000 of the value declared by the assessee in his return. The Appellate Assistant Commissioner (in short the AAC) did not accept the plea. However, this stand was accepted by .....

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