Law:

Section:

Section 7, read with section 27 of Wealth-tax Act, 1957 - Valuation of assets - Others - Department filed reference application alleging that while making valuation of ornaments, first valuer's report had not been taken into consideration - From records, it was seen that Commissioner, while determining valuation, had looked into all three valuers' reports and recorded a finding in favour of assessee - Even Tribunal, while endorsing, examined it afresh and arrived at same conclusion - Whether, in aforesaid circumstances, instant reference application was to be rejected - Held, yes FACTS The Department filed reference application on the ground that while making valuation of ornaments the first valuer's report was not taken into consideration. HELD The Commissioner, while determining the valuation, had looked into all the three valuers' reports and recorded a finding in favour of the assessee. The Tribunal, while endorsing, examined it afresh and arrived at the same conclusion. It could not be said that the report on all the aspects was not given due weight. The reference application was therefore to be rejected. Note: The case was decided in favour of assessee. JUDGMENT These are five applications under section 27(3) of the Wealth-tax Act. They have been filed by the Commissioner of Wealth-tax. Three questions have been raised in each of the applications. Similar questions were raised for…

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