Law: Wealth Tax Act, 1957

Section: 25(2)

Wealth tax----- Valuation of assets---Valuation made for earlier valuation date could not ipso facto be applied for valuation for later years. The valuation for wealth tax purposes is required to be made as on the valuation date and a report given with regard to the value made for an earlier valuation date, could not ipso facto apply for determining the valuation for later years. . JUDGMENT R. JAYASIMHA BABU, J.---The Tribunal while approving the reasoning adopted by the. Commissioner in his order by which the Commissioner had set aside the wealth tax assessment and directed the Wealth Tax Officer to redo the assessment after going into the entire gamut of the valuation of the properties concerned, by what was termed a slight modification, virtually set at naught the Commissioner's order. The directions, so given by the Tribunal, were not called for. Now the Revenue is before us questioning the directions given by the Tribunal. The question referred to us is as follows: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in modifying the direction of the Commissioner of Wealth Tax given under section 25(2) and directing the Assessing Officer to finalise the assessments for the assessment…

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