Law: Wealth Tax Rules, 1963

Section: R-8,8(3)

Wealth Tax Rules, 1963 - Rule 8(3), proviso - Valuation of building - Valuation adopted higher than ten times the gross annual letting value of the property without complying with the provisos to rule 8(3) and without obtaining prior approval of the Inspecting Assistant Commissioner - Whether sustainable in law - Held no. JUDGMENT The appellant lady owned two bungalows in the D ..... H ..... S .... one of which, bearing No. 13-B, and situated in E...S, was valued by her at Rs.80,000/-,the other bungalow, which bore No. G.B.III, and was situated in the C...Lane, was valued at Rs.1,10,000/-.The Assessing officer," because of rise in the market price of lands and building due to inflation pressure of population and fall in the value of paper money" valued the first bungalow at Rs. 2,50,000/-,and the second bungalow at Rs. 2,70,000/-, in each of the two years. While deciding the first appeals, the learned Appellate Assistant Commissioner 'C' Range........ .....,inter alia, observed that, the Annual Letting Value of the first bungalow was Rs. 18,000/- and in case of the second bungalow, it was Rs. 24,000/-, in the two years under consideration. As the Assessing Officer had not obtained the prior approval of the Inspecting Assistant Commissioner for estimating the value of these properties, at more than 10 times the Annual Rental Value, he reduced the valuation to Rs. 1,80,000 and Rs. 2,00,000/-, which valuations were 10 times the Annual Letting Value. Aggrieved by that order, the Department had filed these two appeals, contending that, the learned Appellate Assistant Commissioner was not justified in reducing the estimated value of the properties, which were valued at higher figures "in the light of present market value of the properties in the area and the pressure of population and inflation etc". These two appeals must have been Bled after papers, including the two assessment orders and the order of the Appellate Assistant Commissioner were examined by the authorities, including the Commissioner of Wealth-tax, who authorised the filing of these two appeals, Assuming for the sake of argument that, the valuation shown by the appellant-lady was inadequate, in case…

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