Law: Wealth Tax Act, 1957

Section: 16A,55A,9(1)(i)

Law: Income Tax Act, 1961

Section: 148

Law: Gift Tax Act, 1958

Section: 4(1)(a)

Wealth tax--- ---- Valuation of property---Reference by Assessing Officer to Valuation officer under S. 16-A of Wealth Tax Act and -S.55-A of Income Tax Act--­Proceedings against a firm in which assessee is a partner pending under S.148 of Income Tax Act---Action of reference to Valuation Officer justified---No legal infirmity---Indian Wealth Tax Act, 1957, S.16-A--­Indian Income Tax Act, 1961, S.55-A. Held, that the reference to the Valuation Officer made by the Assessing Officer to determine capital gains liability under section 45 of the Income Tax Act, 1961, and the gift-tax liability under section 4(1)(a) of the Gift Tax Act, 1958, did not suffer from any legal infirmity. Section 16-A of the Wealth Tax Act, 1957 and section 55-A of the Income Tax Act, 1961, applied for determination of fair market value of property. Jain (V.K.) v. WTO (1992) 193 ITR 89 (All.) and Laxmi Devi Jain v..WTO (1992) 193 ITR 154 (All.) ref. JUDGMENT When this writ petition was taken up an application for adjournment of the writ petition was made by Sri Shambhu Chopra on the plea that one of counsel for the petitioners, namely, Sri P.N. Bathan, has gone to the United States of America. However, as the petitioners have engaged and are represented by two counsels even if one of them is not available having gone abroad, that cannot be a valid ground for adjournment of the case as the other counsel for the petitioners is here and can well-argue the petition. That being so, the application for adjournment is turned down. Sri Prabhakar Mehrotra appears for the petitioners and Sri Bharati Agarwal appears for the Revenue and they are heard. By this petition, the petitioners seek quashing of the reference made by respondent No. l for the valuation of Properties Nos. 17/9 and 17/9-A, the Mall, Kanpur, and also pray that the respondents be restrained from making any valuation on the basis of the reference made by respondent No. 1, vide this order, dated February 2, 1995 and July 10, 1995. Counter-affidavit has been filed denying the averments made in the petition. No. rejoinder affidavit has been filed. After hearing learned counsel appearing for the parties this petition is finally disposed…

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