9911796707
TMI Blog2003 (12) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... titled to the relief and even if there is no plea raised on behalf of the assessee. Whether the Tribunal was justified in estopping the assessee from pleading on the ground that the value of impugned property was shown in the return by the assessee herself even though nothing was includible in net wealth in respect of impugned disputed property in view of the decision of the Supreme Court in the case of Nawab Sir Mir Osman Ali Khan (Late) v. CWT? - (D) Whether the Tribunal was justified in law in holding the value of the impugned disputed property includible in the net wealth?" - - - - - Dated:- 3-12-2003 - Judge(s) : D. K. JAIN., MAHMOOD ALI KHAN. JUDGMENT The judgment of the court was delivered by D.K. JAIN J.-An order dated Nov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of valuation of the said properties to the Assessing Officer, with the direction that he should refer the matter to the Valuation Officer under section 16A of the Act. Not being satisfied with the said remand, the assessee carried the matter in further appeal to the Tribunal. Since the grounds of appeal raised were in the narrative form, under directions of the Tribunal, fresh grounds of appeal were filed. One of the grounds urged was as under: "The Commissioner of Income-tax (Appeals) has erred in not appreciating the facts that the Paharganj property is unauthorized occupation of the assessee and the property is neither owned by the assessee nor it belongs to the assessee and as such does not fall within the definition of net wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pping the assessee from pleading on the ground that the value of impugned property was shown in the return by the assessee herself even though nothing was includible in net wealth in respect of impugned disputed property in view of the decision of the Supreme Court in the case of Nawab Sir Mir Osman Ali Khan (Late) v. CWT [1986] 162 ITR 888? (D) Whether the Tribunal was justified in law in holding the value of the impugned disputed property includible in the net wealth?" We have heard learned counsel for the parties. It is submitted by learned counsel for the assessee that the Tribunal's observation that no specific challenge to the inclusion of the said property in her net wealth was laid before it or before the Commissioner of Wealth- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , two options are available to us, namely: (1) to remit the matter back to the Tribunal to consider the issue of inclusion of the said asset in the net wealth of the assessee, or (2) to direct the Assessing Officer to consider the objection of the assessee on that score. We feel that to cut short the life of litigation, it would be better to go in for the second option, particularly when the matter with regard to the valuation of the subject property has already been restored to the file of the Assessing Officer. Accordingly, we set aside the impugned order to that extent and direct that it will be open to the assessee to urge before the Assessing Officer the issue of inclusion of the said asset in her net wealth. Needless to add that remis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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