9911796707
TMI Blog2000 (3) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation adopted by the Commissioner of Income-tax (Appeals). Is the valuation so adopted valid or in accordance with law ?" The factual position in a nutshell is as follows : The assessee is an individual owning immovable properties of extensive area. For the assessment year 1982-83, corresponding to the accounting year ending on September 30, 1981. he filed a return of wealth declaring taxable wealth at Rs. 5,51,000. The Wealth-tax Officer referred the matter to the Valuation Officers, Madurai, Calicut and Thiruvananthapuram for making valuation of various properties under section 16A of the Act. After receipt of the valuation report only from the Valuation Officer, Thiruvananthapuram, he adopted the values determined by the said auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Commissioner of Wealth-tax (Appeals) was justified in adopting the value fixed for the assessment year 1978-79 after allowing depreciation at the appropriate rate. On being moved, initially the Tribunal had refused to refer any question. But subsequently, as noted above, on the basis of this court's order, reference has been made. In support of the application, learned counsel for the Revenue submitted that the valuation report for the immediately succeeding year would have provided a more rational basis for fixing the valuation and, therefore, the Commissioner of Wealth-tax (Appeals) and the Tribunal were not justified in adopting the valuation basing on figures for the previous period. Learned counsel for the assessee, on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion, appropriate additions/depreciations have been taken note of. Since, the Commissioner of Wealth-tax (Appeals) and the Tribunal have adopted a method which cannot be said to be unreasonable or irrational, in our view, no question of law arises. The question about the valuation of a particular property is a question of fact. The determination of the question of valuation, as in the case at hand depends upon appreciation of materials or evidence, resulting in ascertainment of basic facts without application of any principle of law. The issue raises a question of fact and the conclusion is one of fact. Even if it is accepted for the sake of argument that a different method could have been adopted, that does not in any manner affect the acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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