Law: Income Tax Appellate Tribunal Rules, 1981

Section: 20(2)

Wealth tax----Valuation of property---History---Deviation from history without plausible reason in determination of value of property ---Validity--­Deviation from history of the case could not be made in the absence of any solid reasons---Value of the property in question having been assessed at Rs.8 lacs in 1990-91 value determined for the year 1991-92 at Rs.12 lacs and in the year 1992-93 at Rs.15 lacs was excessive and contrary to the history ---Assessing Officer was directed to adopt the value of the said property at Rs.9 lacs and Rs.10 lacs respectively for the years under consideration by the Appellate Tribunal. Per Amjad Ali Ranjha (Accountant Member).---[Contra]. ORDER AMJAD ALI RANJHA (ACCOUNTANT MEMBER). ---These are two appeals filed by the assessee against the order of AAC, Appeal Range, Lahore relevant to assessment years 1991-92 and 1992-93 in Wealth Tax Appeals Nos. 173 and 174, dated 30-4-1995. 2. Appellant's Grievances are summarized as under:-- (i) AAC was not justified in reducing the value of Property No.256-N, N,,, S,,,..L,,,.. to Rs.12,00,000 relevant to assessment year 1991-92 and 8.15,00,000 relevant to assessment year 1992-93. (ii) Value regarding jewellery after allowance of 10% catt is still high. Call notices were issued in response to which, Mr. Mehboob Alam. DR was present for the Revenue whereas none appeared on behalf of the assessee. Hence, the appeals are decided on ex parte basis under rule 20(2) of the Income Tax Appellate Tribunal Rules, 1981. 4. Facts of the case are that value respecting Property No.159-N, N... S... L.... had been assessed at Rs.15,00,000 relevant to assessment year 1991-92 and to Rs.20,00,000 relevant to assessment year 1992-93 against declared at Rs.2,12,000 in each year which was enhanced to Rs.15,00,000 and Rs.20,00,000 by the Department whereas it has been reduced as given above to Rs.12,00,000 and Rs.15,00,000. 5. DR has been heard sand we have looked into the case. Property consists of 1-Kanal plot at S .... L.... hence, value reduced by the AAC does not call for any interference. 6. Assessee's appeals on both the accounts being devoid of merits stand rejected and disposed. 7. PER SYED NADEEM…

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