1983 (10) TMI 84

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..... he basis of the valuation reports of his valuer for the assessment years under consideration and his interest in the property which was well below Rs. 10 lakhs for each of the years under consideration. The WTO referred the valuation of this asset to the District Valuation Officer under s. 16A of the WT Act by his letter dt. 7th Jan., 1974.The District Valuation Officer submitted the valuation rep .....

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..... ounds. One of the grounds repeated before us is that the declared value of the assessee's interest in the property was below Rs. 10 lakhs. The valuation of this property was pending before the District Valuation Officer on 15th Dec., 1976. The District Valuation Office should have referred the valuation of this interest in the property to the valuation Officer referred to in WT Rule A(3)(ii)as req .....

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..... dered the facts and circumstances of the case and the arguments on either sides. The fact is that the assessee had declared the value of his interest in the Saki Naka property well below Rs. 10 lakhs for each of the assessment years under consideration. The valuation was referred to the District Valuation Officer on 7th Jan., 1974 and he submitted a report on 30th Sept., 1977. So the valuation was .....

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