Law: Wealth Tax Rules, 1963

Section: 8(1),(2)(3),(3A),(4),(4A),(4C),(5),(6),( 7),(8),(9)

Valuation of property -- Wealth-tax Officer determined values of the properties over and above ten time of the gross annual letting value without seeking prior approval of the I.A.C. -- W.T.O. estimated market value of properties depending upon his own opinion without assigning any reason and bringing any material on record -- Assessee relied on gross annual letting value as taken by the Excise and Taxation Department -- Whether the Assessing Officer under the circumstances could estimate the market value without referring prices for similar properties in the same locality -- Held no -- Gross annual letting value mentioned in P.T.I. form, whether binding on W.T.O. -- Held no -- Whether W.T.O. can estimate the market value without having prior approval of the I.A.C. -- Held no -- Assessment -- Estimated value of immovable property -- Inflationary trend -- Assessing Officer filled in blanks of Form 'D' and framed assessment without advancing any reasons in support of his estimated value -- Assessing Officer was required to pass speaking orders -- Such order of wealth Tax Officer set aside and case remanded for framing assessment according to law, keeping into consideration inflationary trend of prices of immovable property -- Assessment -- Value of immovable property -- Opinion of Wealth Tax Officer, very material for estimating market value of a property -- Such opinion not supposed to be subjective opinion depending on whims -- Assessing Officer was required to collect some material like sale deeds etc. of other parties of locality, nature and size of property, amenities available and price prevailing for similar property in same locality before formulating his opinion -- Assessment -- Value of immovable property -- Value given in P.T.I. not at all binding on Wealth Tax Officer -- Assessment -- Value of immovable property -- Reasonable rent does not mean rent which has been agreed upon between landlord and tenant -- Reasonable rent may be lesser or more than agreed rent depending upon existing circumstances of each case -- Factors to be kept in mind while forming opinion about the market value of a particular property --Value assessed by the Provincial Excise…

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