2003 (4) TMI 53

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..... Officer. No such principle has been laid down by the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) has merely directed valuation of the property as per Schedule III to the Wealth-tax Act. In the circumstances, no substantial question of law arises in these appeals. – Thus, Department is not right in contending that it has come in appeal before the High Court as the .....

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..... essee-company filed its return of wealth on April 13, 1992, in response to a notice under section 17(1) of the Wealth-tax Act, 1957, declaring the net wealth of rupees nil. The Assessing Officer calculated the net wealth of the assessee-company at Rs. 48,07,874. The Assessing Officer came to the conclusion that the property was constructed on a lease hold land. He therefore worked out the annual r .....

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..... carried the matter in appeal to the Tribunal on the ground that the Commissioner of Income-tax (Appeals) erred in directing the Valuation Officer to take the rent of Rs. 4,000 and not total compensation received by the assessee for the premises. It may be mentioned that there is no such direction in the order of the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) ha .....

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