Law:

Section:

Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Assessment years 1974-75 to 1976-77, 1978-79 and 1979-80 - Assessee declared value of portion of immovable property which was valued on basis of mean of value determined by Land and building method and rental method - Subsequently, he filed revised return valuing property on basis of rental method alone - Assessing Officer rejected same and made assessment of whole property as per report of DVO who determined valuation on land and building method alone - Whether in view of findings of fact recorded by Tribunal that assessee himself had not shown valuation in his return of income on basis of rental method and had also failed to raise any objection to valuation determined by District Valuation Officer, it could not be said that action of Assessing Officer in adopting valuation as per DVO's report was in any manner erroneous - Held, yes Section 3 of the Wealth-tax Act, 1957 - Charge of tax - Assessment years 1974-75 to 1976-77, 1978-79 and 1979-80 - Whether where assessee had declared himself to be owner of whole land in wealth-tax returns for assessment years 1968-69 onwards and he had been in adverse possession of land for more than 12 years, Tribunal was justified in upholding action of Assessing Officer in assessing entire land in hands of assessee - Held, yes FACTS The assessee HUF was a wealth tax assessee and for the relevant assessment years it declared the value of one immovable property being factory building. The valuation was arrived at on the basis of the valuation certificate of a registered valuer who determined the valuation as a mean of the value determined by the land and building method and the rental method. Subsequently, the returns were revised and the value of the factory was declared on the basis of the rental method alone. The Assessing Officer did not accept that valuation and referred the matter to the Department's Valuation Officer who determined the valuation on the basis of the land and building method alone. On the basis of the said valuation the WTO made the assessment for the relevant assessment years, which was affirmed by the Commissioner…

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