1989 (12) TMI 32

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..... 1977-78. The respondent-assessee has a share in a residential house at Kanpur and the question involved is regarding the valuation of that house. It appears that, in respect of the assessment year 1971-72, the Income-tax Appellate Tribunal had determined the value of the property at Rs. 2,50,000, vide its order dated January 29, 1981. This order has been followed by the Tribunal for the subsequ .....

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..... at order has not been received by the Commissioner of Wealth-tax at Delhi. Therefore, the question of the Commissioner filing an application under section 27(3) in respect of the assessment year 1971-72 does not arise. Be that as it may, it cannot be denied that, according to section 7(4), the value of a residential house has been frozen as being the value as on April 1, 1971. Therefore, whateve .....

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