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TMI Blog2004 (5) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... ile valuing the property on the rent capitalisation method?" - "In the method adopted by the Valuation Officer, the value of the land is taken twice, once being included in the amount arrived at by the yield or rental method and again under the 'reversionary' method. This is an entirely novel approach but in our view erroneous. - When the method of rent capitalisation is applied for making valuati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hile valuing the property on the rent capitalisation method?" The question arises out of the assessment year 1986-87. In short and in substance, the question arose before the assessing authority (wealth-tax) as to what should be the mode of valuation for determining the immovable properties of the assessee. This question arose while valuing the property which was in possession of the tenants of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to this court for answer. Heard Shri R.L. Jain, learned counsel for the appellant, and Shri S.R. Kochatta, learned counsel for the respondent. Having heard learned counsel for the parties and having perused the record of the case, we are of the view that the question referred to this court has to be answered against the Revenue and in favour of the assessee. In our opinion, the issue in questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od and again under the 'reversionary' method. This is an entirely novel approach but in our view erroneous. We respectfully agree with the aforesaid view expressed by the Calcutta High Court. In the result, we answer the question referred to us in the affirmative, in favour of the assessee and against the Department." In our considered opinion, the view taken by the Calcutta and Allahabad High ..... X X X X Extracts X X X X X X X X Extracts X X X X
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