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TMI Blog1990 (7) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... e -tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in reducing the value of the teak wood plantation by about 85% despite the offer made by the assesses to have it valued at higher figure ?" The proceedings arise out of the estate duty assessment in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntroller valued the teak plantations at Rs. 24,67,500. On appeal, the Appellate Controller held that the valuation given by the approved valuer was reasonable. He directed that the value fixed by the valuer should be adopted, as it is more likely to be the valuation as on July 13, 1968. The accountable person as also the Revenue carried the matter in appeals before the Income-tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir, as also counsel for the accountable person, Mr. K.P. Balasubramanyan. The accountable person returned the value at Rs. 69,100. He filed the valuation report wherein the value was fixed at Rs. 3,56,750. The Assistant Controller fixed the value, on the basis of the Inspector's report, at Rs. 24,67,500. This was not accepted in the appeal the valuer's report was accepted. The Appellate Tribunal h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the teak, plantation at Rs. 16 lakhs as also adopting only 15% of such figure, as the value of the property, are mere surmises. There is no basis for the said figures when, admittedly, an approved valuer has fixed the value at Rs. 3,56,750 which has not been assailed by the accountable person or found to be in anyway erroneous by the Appellate Tribunal. We hold that the Appellate Tribunal was in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue. In all the circumstances of the case, we find that the valuation given by the approved valuer and accepted by the Appellate Controller of Estate Duty has not been shown to be illegal or infirm. In the light of our answer to the question referred to this court, we direct the Appellate Tribunal to restore the appeal to file, on this limited aspect, and pass consequential final orders i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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