9911796707
TMI Blog1996 (9) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years 1970-71 and 1971-72, respectively. The questions that expect our answer are as follows : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in adopting the valuation as determined in its order for the assessment years 1970-71 and 1971-72 in respect of the decree obtained by the assessee in O. S. No. 10 of 1958 of the Mavelikkara sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt dated February 23, 1989. A copy of the said judgment has been made available to us by learned senior standing counsel for taxes. The basic question is taken up for consideration by this court to conclude the position once and for all. It is not a coincidence that the proceedings of the suit involved therein is the same suit being O. S. No. 10 of 1958 of the Mavelikkara sub-court. Therein also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he valuation of the asset, that is the decree obtained by the assessee was determined by the Tribunal after reckoning the realities of the situation and on an appraisal of all the relevant factors. This court therein placed reliance on two decisions of the Supreme Court in CWT v. Maharaja Kumar Kamal Singh [1984] 146 ITR 202 and CWT v. Raghubar Narain Singh [1984] 146 ITR 228 and concluded that no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Coincidentally the learned advocate was present in the court room. We requested him, therefore, to assist us amicus curiae. The learned advocate has taken the trouble, for which we express our thanks. For the above reasons, we answer the questions in the affirmative against the assessee and in favour of the Revenue. A copy of this judgment under the seal of this court and the signature of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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