9911796707
TMI Blog1981 (7) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties are also common. 3. The relevant facts, in brief, are that the assessee is an individual. The valuation date for the asst. yr. 1973-74 is 31st Dec., 1972. The assessee filed the return of net wealth for the assessment year under consideration declaring net wealth of Rs. 6,58,400, based upon the valuation report of the Registered Valuation Officer, on his reference to him, for asst. yr. 1972-73, which was accepted by the WTO, in that year. The WTO did not accept the wealth shown by the assessee on the ground that in the case, the valuation of property situated in Savli and Chansoli of Thana Creek Industrial Area (Thana District) and land situated at Village Savli, Thana Belapur Road was referred to the District Valuation O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars and the valuation shown by the assessee of the properties in dispute is in accordance with the valuation report of the Valuation Officer for the asst. yr. 1972-73; hence, the valuation shown by the assessee for the properties in dispute is to be accepted for the year under consideration. 5. The AAC did not accept the contention of the assessee, referred to above, on the ground that the assessee neither raised it before the WTO nor before the District Valuation Officer. However, on his own reasons, which is there in his order and are reproduced hereinafter, provided the relief to the assessee, on taking the fair market value of the land in respect of plot Nos. 23 24 at Rs. 5 per sq. mtr. and that of plot No. 22 at Rs. 4.50 per sq. m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the asst. yr. 1972-73 and the paper book containing pages 91. On the other hand, Shri Vohra, ld. Deptl. Rep., contends that the said circular is withdrawn vide CBDT 's Circular No. F. 319/12/74-W.T. dt 5th April, 1974, and, as such, the said circular was not there on the day the WTO made the assessment under consideration and hence, the WTO was right in estimating the net wealth as per the assessment order under consideration. He relies upon the order of the WTO, Circular No. 319/12/74-W.T. dt. 5th April 1974, decision of the Special Bench of the Tribunal in the case of Rajshri Productions Pvt. Ltd (ITA No. 441/Bom/1976-77 dt 9th Dec., 1977) and the paper book containing 3 pages. He also relies on the Full Bench decision of the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in view of the aforesaid Circular dt 28th Sept., 1957, the valuation fixed in the asst. yr. 1972-73 is to be followed in the years 1973-74 and 1974-75; hence the WTO cannot act otherwise for these years, form the record it is clear to us that the stand of the assessee was there before the AAC as well as before the WTO as is clear from the order of the AAC, but he rejected it and the WTO also rejected it on the ground that the explanation offered in the letter cannot be accepted in view of the provisions of s. 16A(5) of the Act. Therefore, we hold that the aforesaid stand of the assessee was there before the authorities below, and the authorities below have not accepted it, and, as such, we reject the contention of Shri Vohra, ld. Dept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the Hon'ble High Court is dt 26th Feb., 1979. Thus, it is clear that this Full Bench decision was not there then the Special Bench of the Tribunal passed the order in the case Rajshri Products Pvt. Ltd and took a view otherwise than that of the Hon'ble Kerala High Court in the aforesaid case. Their Lordships of the Hon'ble Kerala High Court in the aforesaid Full Bench decision have clearly held that the instructions contained in the Circular of the CBR which were in force on the first day of the assessment year would be applicable and the ITO's order subsequent to the withdrawal of the said Circular, observing as under: "Having regard to the scope, effect and the purport of the circular involved in the instant case, and particular ..... X X X X Extracts X X X X X X X X Extracts X X X X
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