9911796707
TMI Blog1988 (12) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee at Rs. 31,530 was accepted as such. There were some additions in respect of other properties. While returning the value of shares at Rs. 31,530, the assessee had given the following details in the statement of assessable wealth: . Rs. "Capital share in Deepak Talkies 17,000 Add: appreciations in building 30,518 Add: Share in development rebate 1,256 . 48,774 Less : debit balance in Deepak Talkies 17,244 . 31530" The assessee's share in the profit and loss of the said firm was 1/6th. There was another partner, viz., Sh. Piare Lal in the said Deepak Talkies and in his case, the WTO had made a reference to the Valuation Officer, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng and updated the value of his share by making an addition for appreciation in the value of the building. According to the learned Deptl. Res., in view of the valuation report of the same building obtained by the WTO in the case of another partner, namely Sh. Piare Lal, the assessee cannot be said to have disclosed truly and fully all the material facts. To support his view, he relied upon certain rulings. He referred to the case of Sterling Machine Tools vs. CIT (1980) 122 ITR 926 (All). In that case, in respect of another assessment year there were reports of experts regarding the value of machines and in addition there was admission by one of the partners in respect of another assessment year that the cost of machines was lower than tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reliance was also placed on the case of CIT vs. P.R.L.S. Abubacker (1986) 54 CTR (Mad) 231 : (1987) 163 ITR 348 (Mad). In that case, the ITO estimated the cost of construction on the basis that only the ground floor and the first floor had been built. In fact, a second floor had also been built and this information was not available to the ITO while making the assessment. The assessee filed the valuation report for wealth-tax purposes, which showed that the second floor had also been constructed. On that information, reopening of the assessment under s. 147 (a) was held to be valid. The facts of this case too, therefore, are different and do not help the Revenue. 6. On the other hand, we have a judgment of the jurisdictional High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be only the opinion of the valuer and on that basis the ITO could not acquire jurisdiction to issue notice under s. 148. Similar is the law laid down in the case of Jawahar Lal Daryavbuxmal vs. CIT (1982) 31 CTR (MP) 282 : (1982) 137 ITR 54 (MP). As observed above, in the case before us the valuation report had been received by the WTO in respect of assessment proceedings of Sh. Piare Lal even before the present assessment was completed. He could, therefore, have done the needful in the case of the present assessee while making the first assessment. He cannot make up his neglect by taking recourse to s. 17(1) (a) afterwards. 7. We may also mention that what was assessable in the hands of the assessee was the value of his share in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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