9911796707
TMI Blog1986 (1) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... ony, New Delhi, owned by the petitioner, which being a procedural provision was both retrospective and mandatory. 2. Whether, the learned Tribunal was justified in upholding the valuation by land and building method in respect of the property 6, Friends Colony, New Delhi, as against the rent yield method ignoring the well-settled principles laid down by different courts including the Supreme Court in the case of Dewan Daulat Rai Kapoor v. New Delhi Municipal Committee [1980] 122 ITR 700 to the effect that valuation of properties in areas subject to rent control provisions should be made on the rent yields method, i.e., on the basis of rent realisable under the Rent Control Act, specially when rent of the property had already been fixed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so and hence these petitions. The grievance of the assessee is in regard to the valuation of a property at 6, Friends Colony, New Delhi, for the assessment years abovementioned for purposes of wealth-tax. The Wealth-tax Officer had valued the property on the basis of a report by the valuation officer which in turn was based on the land and building method, rejecting the assessee's contention that the property should be valued on rental basis. The Appellate Assistant Commissioner, however, accepted the valuation of the property by the petitioner and directed the same to be adopted by the Wealth-tax Officer. Thereupon, the Commissioner of Wealth-tax preferred appeals to the Tribunal. The Tribunal, however, approved the valuation of the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in support of the applicability of the rental basis in regard to the property in question. So far as the second question is concerned, we have directed its reference in a modified form. Question 3 raises only a question of fact and cannot be referred as a question of law. Question 4 does not raise any independent question apart from the valuation of the property on the rental basis and it does not call for separate reference. Question 5 as posed by the assessee is merely another form of the question (No. 2) which has already been directed to be referred. Question 6 again does not arise out of the order of the Tribunal as it does not appear that it was raised before or decided by the Tribunal. In the result, we direct the Tribunal to state ..... X X X X Extracts X X X X X X X X Extracts X X X X
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