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TMI Blog1996 (2) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... s for the years 1972-73 to 1974-75 was not justified and therefore was bad in law ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in upholding the value of the lands as adopted by the Appellate Assistant Commissioner ? " The assessee owned movable and immovable properties. For the assessment years 1972-73 to 1974-75, the Wealth-tax Officer adopted the value of the non-agricultural lands at Rs. 2,000 per cent. Later, he came to know that the assessee had gifted 23 cents of the land to a church in June, 1975, and the lands gifted were valued at Rs. 3,800 per cent. The Wealth-tax Officer found that as the assessee himself had valued the gifted land at Rs. 3,800 per cent. the value as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent years 1972-73 to 197475 and for the assessment years 1975-76 to 1977-78, it was taken at Rs. 2,500 per cent. Aggrieved by the order of the Appellate Assistant Commissioner. the Department preferred appeals to the Appellate Tribunal, the Appellate Tribunal confirmed the order of the Appellate Assistant Commissioner in holding that the reassessments made for the assessment years 1972-73 to 1974-75 were invalid in law, inasmuch as there was no information which came into the possession of the Wealth-tax Officer for reopening the assessments. The Tribunal further pointed out that the gifts made by the assessee in June, 1976, or December, 1978, do not in any manner suggest that the value of the property on the valuation dates relevant for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1974-75, the Wealth-tax Officer adopted the value of the non-agricultural lands at Rs. 2,000 per cent. Later, he came to know that the assessee had gifted 23 cents of land to a Church in June, 1975. In the gift deed, the assessee himself had admitted the value of the lands at Rs. 3,800 per cent. Since there was underassessment according to the Wealth-tax Officer, he reopened the assessments, and in the reassessment proceedings under section 17(1)(b) of the Wealth-tax Act, adopted the value at Rs. 3,000 per cent for the assessment year 1972-73 and Rs. 3,500 per cent for the assessment years 1973-74 and 1974-75. In the regular assessment for the assessment years 1975-76 to 1977-78, the value was determined at Rs. 8,546 per cent. Rs. 10,546 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment made by the Wealth-tax Officer was bad, appears to be well-founded. In so far as the valuation of the land in question is concerned, the Wealth-tax Officer adopted the value of the land according to the value as stated in the gift deed. However, the Appellate Assistant Commissioner, on appeal, determined the value of the lands after taking into consideration the necessary materials. It was submitted that the value determined by the Appellate Assistant Commissioner was not based upon the guideline value as prescribed by the Tamil Nadu Government. The value as submitted by the assessee in the gift-tax assessment also cannot be considered to be the correct market value, because it is for the Assessing Officer concerned to exercise his m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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