Law:

Section:

Section 25 of the Wealth-tax Act, 1957 - Revision by Commissioner - Assessment years 1958-59 to 1960-61 - Whether phrase "where order is subject of an appeal before Appellate Tribunal" in proviso (b) to section 25(1) must mean that order is subject of an effective appeal by aggrieved party - Held, yes - Revenue filed appeal before tribunal challenging order of AAC giving partial relief to assessee - During pendency of said appeal, assessee filed revision petition before Commissioner - Whether after dismissal of appeals by Tribunal on ground that there was no question of enhancing valuation of shares as sought by WTO, Commissioner should not have rejected revisional applications of assessee in limine holding them to be barred under proviso (b) to section 25(1) - Held, yes FACTS The WTO, rejected the valuation of shares as claimed by the assessee and estimated their values on the basis of capitalisation of profits at 6 per cent for the assessment year 1960-61 and on the basis of break-up value with certain modifications for the assessment years 1958-59 and 1959-60. On appeal, the AAC determined the values of the said shares on the basis of capitalisation of the investment income at 6 per cent and of other income at 12½ per cent, with the result that he partly allowed the appeals. The WTO preferred appeals to the Tribunal. The Tribunal in its order observed, quoting method of valuation in another assessee's case, that the method adopted in that assessee's case was proper method. The Tribunal observed value of the shares held by the assessee, according to the said method, would work out to figures much less than the valuation figures determined by the AAC in the respective assessment years. Hence, the question of raising the value determined by the AAC did not arise. Since the assessee had not filed appeals against the orders of the AAC, though the value determined by the AAC for the share held by the assessee was excessive, the Tribunal could not help the assessee and reduce the figures and accordingly, it dismissed the WTO's appeal. While the appeals preferred by the WTO were pending before the Tribunal, the assessee filed revision applications before the…

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