Law:

Section:

Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Assessment year 1973-74 - Assessee was holding certain land which was covered with rubber plantation, mango trees, coconut, etc. - Assessee valued aforesaid property on basis of report of registered value at Rs. 96,000 - WTO notified that assessee sold part of property to Housing Board at Rs. 440 per cent on 4-6-1974 - Based on aforesaid sale WTO valued property in question at Rs. 350 per cent - On second appeal, Tribunal after taking into account all material facts such as sale of land in that area, giving due credit to situation of property in neighbouring area, etc., fixed value of property at Rs. 250 per cent - Whether valuation of property is a pure question of fact and since Tribunal took all relevant materials into account while determining value, it could not be said that method adopted by Tribunal for valuation of property in question was erroneous or unreasonable - Held, yes FACTS The assessee was holding certain land which was covered with rubber plantation, mango trees, coconut, etc. There was also a building in the property. For the assessment year 1973-74, the assessee valued the property at Rs. 96,000 which was based on the report of the registered valuer. The WTO found that the part of the land was sold to the Housing Board for Rs. 12 lakhs on 4-6-1974, which reflected the value at Rs. 440 per cent. On this basis the WTO estimated the value and fixed the value at Rs. 350 per cent. On second appeal, the Tribunal after considering the various aspects fixed the value at Rs. 250 per cent. On reference : HELD Regarding valuation, one is concerned with the market value of the property. It is the price which a willing buyer will pay to a willing seller. It will vary from case to case. Valuation is not an exact science. Mathematical calculation is not possible. Money value attributable to the asset should be decided and estimated by the concerned statutory authority in a reasonable and judicial manner on the basis of the facts and circumstances available before him. Valuation should be made objectively and should be based on some material. Even in cases where the asset to…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492