9911796707
TMI Blog1993 (12) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,28,380 in which the deceased had one-third share ?" The brief facts of the case are that the Assistant Controller of Estate Duty, Jaipur, adopted the value of immovable property known as "Nagpal Hotel" at Rs. 5,61,000 on the basis of the report of the Departmental Valuation Officer and the deceased's (Lal J. Nagpal's) one-third share was worked out at Rs. 1,52,490. The said property was valued by the Wealth-tax Officer at a figure of Rs. 3,73,169. The Assistant Controller of Estate Duty found that the immovable property under consideration was divided into two parts, the first part relating to the ground floor given to the State Bank of Bikaner and Jaipur and this portion has been valued on the rental method keeping in view the fair re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estimating the value as determined under the Wealth-tax Act, 1957. We have considered the matter. The Act provides the mode for estimating the principal value of the property and according to section 36 the same shall be estimated to be the price which in the opinion of the Controller it would fetch if sold in the open market at the time of the deceased's death. For the purposes of the valuation, rule 14 of the Estate Duty Rules provides that the Controller may accept the valuation as shown in the account delivered by the accountable person or may if he is not satisfied with the valuation shown therein, either himself place a valuation thereon on his own estimate or appoint a person to appraise such properties and to set the valuation the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the valuation of the property was increased by the Wealth-tax Officer for the assessment year 1974-75 to Rs. 3,73,169 which was reduced in first appeal to Rs. 3,28,380. The valuation which has been adopted for wealth-tax purposes can also be one of the methods of adopting valuation for the estate duty purposes. Irrespective of the valuation report or without going into the merits of the case what was the reason for difference between the valuation by the approved valuer and the Departmental valuer, once there is a decision of the Appellate Assistant Commissioner of Wealth-tax that could have formed the proper basis for the Controller to adopt the value of the property. In these circumstances, we are of the view that the Income-tax Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X
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