1987 (7) TMI 58

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..... stions are referred to us : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in fixing the value of the property known as" Nethaji Theatre " at Rs. 7,50,000 for each of the assessment years 1976-77 and 1977-78 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding, following the decision of the Karnataka .....

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..... two years. He adopted the rent as the basis for the purpose of capitalisation and arrived at the said value. The Wealth-tax Officer was, however, of the opinion that the valuation shown by the assessee is too low and relying upon a report of the Departmental valuer, he valued the same by the land and building method. The assessee appealed to the Appellate Assistant Commissioner who was of the vie .....

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..... estion No. 1 referred to us in the affirmative, i.e., in favour of the Department and against the assessee. So far as the second question is concerned, we agree with the Tribunal that it is not necessary that of the two valuations, the Department is always bound to adopt the lower valuation. The only obligation of the Department is to arrive at a valuation which is fair and reasonable. There is .....

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