9911796707
TMI Blog1980 (8) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue is identical. So all the appeals were heard together and for the sake of convenience are being disposed of by a common order. 2. First controversy in the present case is relating to the application of multiple in determining market value of the property 'Himanshu Bhawan', Jaipur. The learned WTO after considering the report of the valuer and the evidence of the assessee, valued the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the assessee, it was contended that the property is an ordinary one and was constructed with an intention to earn maximum rental value. The WTO himself has valued the property at Rs. 3,37,500 as on 31st March, 1969. During the year relevant to asst. yr. 1969-70 a sum of Rs. 63,617 was further incurred on construction and, therefore, its value could not be more than Rs. 4,00,000. In all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed by the AAC are quite reasonable. 5. We have heard the parties and perused the entire evidence on record. In the grounds of appeal of the assessee it was clearly stated that a multiple of 8 to 10 times should have been applied. The learned AAC applied a multiple of 12 times. Looking to the grounds of appeal and the evidence on record a multiple of 10 times would be quite reasonable. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on from time to time for collecting rent. There was also litigation between the assessee and the tenants. Considering all these facts, the deduction of 6 per cent for collection charges could not be said to be unreasonable. 8. The other point for determination is regarding deduction of a sum of Rs. 50,000 from the fair market value of 'Himanshu Bhawan' on account of declaration under s. 3(1) r/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Disclosure Scheme, 1976 is independent and is statutory. The relief allowed to the assessee under the aforesaid provision is independent and as such, will have to be allowed separately. The assessee shall get relief accordingly in all the years under consideration. 12. In the result, appeals Nos. 329, 330, 331, 332, 333 and 334 (JP)/70 are allowed in part. Remaining appeals Nos. 275, 276, 277 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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