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TMI Blog1980 (9) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... to this petition briefly are as follows The petitioner is an HUF and is an assessee under the W.T. Act, 1957, hereinafter called the Act. For the assessment year 1975-76, the assessee filed its return of net wealth on 13th March, 1979, but before the filing of that return a reference was made by the WTO on 12th December, 1977, under s. 16A of the Act, regarding the valuation of " Smriti Talkies o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot pending when the reference was made by the WTO to the Valuation Officer. It was, however, contended that the reference to the Valuation Officer in the instant case was under the provisions of s. 16A(1)(b)(ii) of the Act and hence it was not necessary that the assessment should have been pending when the WTO proceeded to make a reference to the Valuation Officer. The short question for consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir market value ; (b) in any other case, if the Wealth-tax Officer, is of opinion (i) that the fair market value of the asset exceeds the value of the asset as returned by more than such percentage of the value of the asset as returned or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer must be held to be without jurisdiction and are liable to be quashed on this ground. In this view of the matter, it is not necessary to consider the further question raised in the petition as to whether the valuation made by the Valuation Officer was or was not in accordance with law and the principles of natural justice. We refrain from expressing any I opinion in that behalf. We would also l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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