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TMI Blog1979 (11) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... along with three other persons, namely, S/Shri S.C. Kankaria, V.L. Kankaria and L.K. Kankaria. The valuation of the assessee's share in the he aforesaid properties as worked out by the assessee and the WTO is tabulated below:— Property situated at Per assessee's Valuer's Report Per WTO based on D.V.O.'s Report 39, Strand Road, Rs. 2,45,000 Rs. 3.46.500 83-85, Netaji Subhas Road Rs. 3,65,000 Rs. 5,24,000 Rs. 6,10,000 Rs. 8,70,500 1/4th Share Rs. 1,52,500 Rs. 2,17,625 It may be mentioned that the variation in valuation is due to the different multiple adopted by the assessee's valuer as well as the departmental valuation officer. 4. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee in respect of his share in the aforesaid properties. Thereafter, he submitted that the properties in question were more than 80 years old and there were as many as 106 tenants in the Strand Road property and 71 tenants in the Netaji Subhas Road property. The monthly rent varied from Rs. 5 to Rs. 500 or so and the assessee had no right to increase the rent payable by the tenants. In other words, the learned representative for the assessee wanted to impress upon us that since the properties in question were old and fully tenanted, the multiple of 14.28 adopted by the WT authorities as against 10 adopted by the assessee's valuer was on higher side. He also referred to the decision in the cases of CED vs. Radha Devi Jalan(2), CIT vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. Further, it was submitted that owning a house property also enhances the social prestige of the owner. Finally, it was submitted that as there would always be a scope for making additions to the property, we should also consider what is known as "hope value" in deciding the valuation of a particular property. The learned representative for the assessee in his reply invited our attention to the valuation reports of the assessee's valuer as well as the DVO and pointed out that since the properties in question were fully constructed, there was no scope for any addition to them and, therefore, there is no question of considering the "hope value". 5. On due consideration of the rival submissions of the parties, we find force in the sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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