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TMI Blog1982 (9) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ther the assessee was entitled to the benefit of the provisions of s. 7(4) of the WT Act, 1957 with regard to the kothi in Sant Nagar, Civil Lines, Ludhiana constructed in the financial year 1973-74. 2. The assessee is an HUF. It is common ground that none of the members of the HUF resides in India because the HUF has its residence in USA. It is also common ground, however, that the said kothi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, the value of this residential house as on 31st March 1974 which was Rs. 1,24,400 should be taken on the valuation dates for each of the assessment years under appeal. This is a cause of grievance for the revenue. Hence these appeals. 4. We have heard the parties and we are of the opinion that the AAC erred in issuing the directions that he did for the reasons that we record infra. Sec. 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee, and (ii) This must be exclusively used by him for residential purposes throughout the period of 12 months immediately preceding the valuation date. There is further clarification in the Explanation to this sub-section that where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the date the construction of such house is complete and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ividual is said to be resident in India an any previous year if he, inter alia, maintains or causes to maintain for him a dwelling place in India. In such sub-s. (4) of s. 7 of the WT Act, the Legislature has very clearly indicated the intention that the house for which such a treatment is to be given has to be used for residential purposes exclusively by the assessee throughout the period of 12 m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the value of the property, the city in which it is located, the prevalent prices of the real estate and the value of the property earlier taken, the value on each of the valuation dates adopted by the WTO is reasonable and fair. Hence we reverse the orders of the ACCOUNT on the valuation as well, we set aside the orders of the AAC for each of the assessment years under appeal and restore in its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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