9911796707
TMI Blog2004 (9) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the rental method and had also failed to raise any objection to the valuation determined by the District Valuation Officer, it cannot be said that the action of the Assessing Officer in adopting the valuation as per the District Valuation Officer's report was in any manner erroneous - Further, It has not been disputed that the assessee had declared himself to be the owner of the whole land in the wealth-tax returns for the assessment years 1968-69 onwards - It is also not in dispute that the assessee has been in adverse possession of the land for more than 12 years - Tribunal was justified in upholding the action of the Assessing Officer in assessing the entire land in the hands of the assessee - - - - - Dated:- 3-9-2004 - Judge(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value determined by the land and building method and the rental method. Subsequently, the returns were revised and the value of the factory was declared at Rs. 1,48,500 on the basis of the rental method alone. The Assessing Officer did not accept this valuation and referred the matter to the Department's Valuation Officer who determined the valuation on the basis of the land and building method alone as under: Assessment year Value assessed by the WTO (Rs.) 1974-75 12,56,000 1975-76 12,89,000 1976-77 9,00,000 1978-79 9,86,000 1979-80 9,86,000 On the basis of the above, the Wealth-tax Officer made the assessment for the relevant assessment years. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not the owner of the entire land measuring 527 marlas. The Tribunal also found that in the past, the assessee had shown himself as the owner of the whole land and filed the wealth-tax returns as such since the year 1968-69. The Tribunal has further observed that no such plea was raised before the Assessing Officer. Learned counsel for the assessee has reiterated the assessee's stand taken before the Tribunal whereas counsel for the Revenue has supported the findings recorded by the Tribunal. We have considered the rival submissions and perused the records of the case. As far as question No. 1 is concerned, the Tribunal has held that the assessee was not entitled to raise the issue that the building be valued on the basis of the rental ..... X X X X Extracts X X X X X X X X Extracts X X X X
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