Law: Wealth Tax Act, (XV of 1963)

Section: 7

(a) Wealth Tax Act (XV of 1963)- -S. 7-Central Board of Revenue's Letter C.No. 8(II) W. T. I. T-6/79 dated 18-2-1980-Valuation of property at cost-Wealth Tax Officer adopting valuation of property as Rs. 3 lakh on basis of value of similar property gifted-Property in question self-occupied, never let out and assessee showing its value at Rs. 90,000 year after year without any question by Department-Held, instructions laid, down in Central Board of Revenue's letter binding on Wealth Tax Officer in so far as favourable to tax-payer-Value of Rs. 90,000 as shown by assessee and fixed by Appellate Assistant Commissioner, upheld by Tribunal. (b) Wealth Tax Act (XV of 1963)- ---- S. 7-Wealth tax-Gross Annual Letting Value; determination of---Besides location, size etc., and security deposit a relevant factor for consideration, being extra benefit to landlord-Addition made by Wealth Tax Officer on actual rent on account of security deposit, held, proper-Amount directed to be calculated at bank rate i.e. 10 % instead of 12 %. (c) Wealth Tax Ad (XV of 1963)-- S. 7-Wealth tax-Contention that Department was not justified in adding value of security deposit as well as interest for working out Gross Annual Rental Value of ground floor because it amounted to sort of taking into consideration same assets, twice, held, has no force-Receipt of security deposit justified enhancement Gross Annual Rental Value and investment on construction of first floor of property quite independent of determination of Gross Annual Rental Value. (d) Wealth Tax Act (XV of 1963)- S. 7-Jewellery, valuation of-Value off' jewellery declared by assessee at Rs. 19,350 since as early as 1963-64-Wealth Tax Officer, valuing price of gold and assessed jewellery at Rs. 1,48,830 after noting its value-Method of valuation adopted by Wealth Tax Officer, held, fair. ORDER MUHAMMAD MAZHAR ALI (PRESIDENT).-In this departmental appeal, direct against the order of the learned Appellate Assistant Commissioner, objection have been taken against the reduction allowed in the value of House No. 22 S. M. R. and reduction allowed in the value of Ismail Central. Objection have also been taken against the reduction allowed…

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