9911796707
TMI Blog1998 (9) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... 1957, on November 26, 1989. As the report had not been received even by March 26, 1990, he completed the assessment for the assessment year 1985-86 and he estimated the value of this property at Rs. 40 lakhs. Reference made to the valuer was not only for the assessment year 1985-86 but also for subsequent assessment years including the assessment year 1988-89. The valuer submitted his report on January 18, 1991. As on the date of submission of his report he found that the building was still incomplete and a portion of the building has been let out and some portion was lying vacant, he valued the portion which has been rented out, by adopting the rent capitalisation method and valued the remaining portion by adopting the land and building m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he valuation made by the Valuation Officer. That provision, however, cannot be read as imposing an embargo on the completion of the assessment, till such time the valuer submits his report. Delay on the part of the valuer, cannot have the effect of deterring the Assessing Officer from proceeding to complete the assessment, and allow the proceeding to be barred by limitation. It is open to the Assessing Officer to invoke section 35 of the Act after the valuation report is received to correct the value stated in the assessment order in conformity with the valuation made by the Assessing Officer. The reference to the record in section 35 of the Act would include the report of the Valuation Officer when it is received by the Assessing Officer a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... method so far as the portions let out are concerned, and he has adopted the market value for the portions which remain vacant and for the portion under construction. Under rule 20, in cases where it is not practicable to apply the other provisions of the Schedule, the valuation has to be on the basis of the price that the property would fetch if sold in the open market on the valuation date. The land and building method was adopted to ascertain the value for which the properties could have been sold in the open market, so far as the portions which were not let out are concerned. The portions which were let out were valued by adopting the rent capitalisation method and in fact that is the method required to be adopted where the building is t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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