1991 (2) TMI 97

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 1957, the Tribunal has stated the following two questions : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in confirming the order of the Appellate Assistant Commissioner setting aside the assessment on the ground that the Wealth-tax Officer should have given reasons for rejecting the report of the valuers ?" (2) Whether, on the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tter to the Wealth-tax Officer to examine the matter afresh. The main ground given by the Appellate Assistant Commissioner is that the Wealth-tax Officer has not given any reasons for rejecting the valuation made by the assessee's valuer. Against the order of the Appellate Assistant Commissioner, the Revenue went up in appeal to the Tribunal which was dismissed, the Tribunal agreeing with the reas .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nion of India [1979] 118 ITR 414. Accordingly, question No. 1 is answered in the negative, i.e., in favour of the Revenue and against the assessee. Question No. 2 is answered in the negative. The Wealth-tax Officer is statutorily bound by the valuation report submitted by the Valuation Officer under sub-section (5) of section 16A as provided in sub-section (6) thereof The correctness of the valua .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X