Law: Income Tax Appellate Tribunal Rules, 1981

Section: 20(2)

Law: Wealth Tax Act, (XV of 1963)

Section: 8(3)

(a) Wealth Tax Act (XV of 1963)--- ----S. 7---Wealth Tax Rules. 1963, R.8(3)---Valuation of property--­Determination---Guiding principles---Wealth Tax Officer applied the rule of thumb in determining the valuation of property---Validity---Annual value of property can be increased at 10 % and in this connection Assessing Officer was required to determine the rental value of property---Assessing Officer can also seek inspiration from the valuation made by the Excise and Taxation , Department which was the proper and adequate method of valuing the property---Method adopted by Wealth Tax Officer in determining the value of the property being not at all scientific or backed by any provision of law was not sustained. (b) Wealth Tax Act (XV of 1963)--- ----S. 7---Wealth Tax Rules, 1963, R.8(3)---Valuation of property--­Determination---Past history of the case---Relevance---Harsh treatment in determination of valuation of property by Assessing Officer ---Effect--­Commissioner of Income-tax (Appeals) had given thoughtful consideration in 199, reducing the valuation adopted by the Wealth Tax Officer---Income Tax Appellate Tribunal declined to interfere with the findings of C.I.T. (Appeals) in circumstances. I.T.As. Nos. 172 to 176/LB/I of 1988-89 ref. (c) Wealth Tax Act (XV of 1963)--- ---S. 7---Wealth Tax Rules, 1963, R.8(3)---Valuation of property--­Determination---Principles----Valuation adopted during the previous years--­Relevance---Valuation of property can be fixed by comparing with the immediate preceding year's valuation ---Unreasonable jump while calculating valuation is not desirable---Valuation is to be kept at level and in accordance with the natural and legal increase year after year. I.T.As. Nos. 172 to 176/LB/I of 1988-89 ref. ORDER AHSAN ALAM (ACCOUNTANT MEMBER). ---These are four appeals, two filed on behalf of the assessee and two by the department challenging the order of the learned A.A.C. Range-III, Faisalabad, dated 19-9-1991 pertaining to the Assessment years 1987-88 and 1988-89. The assessee-appellant owns property as follows:-- (1) 1/4th share in P-2087 Mai-Di-Jhuggi, Faisalabad. (2) 1/5th share in P-524, Sammundri. (3) 1/5th share in 12 Marlas…

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