Law: Income Tax Appellate Tribunal Rules, 1981

Section: 20(2)

Wealth tax----Valuation of property---Land and construction---Valuation--­Assessment Year 1994-95---Cold storage---Value of land was adopted at Rs. 40,000 per Marla and construction rate Rs. 80 per sq. ft.---First Appellate Authority reduced the value to Rs. 20,000 per Marla and construction rate Rs. 50 per sq. ft.---Value of land opposite to the property was notified at Rs. 85,000 per Marla by the District Collector--­Appellate. Tribunal fixed the value at Rs. 30,000 per Marla and rate of construction at Rs. 65 per sq. ft. in circumstances. ORDER ZAFAR ALI THAHEEM (JUDICIAL MEMBER).---The instant departmental appeal pertaining to as assessment year 1994-95 has been directed against the impugned order, dated 16-5-1995 recorded by the A.A.C. of Income-tax/Wealth Tax, Sahiwal whereby the Revenue is aggrieved by the reduction of adopted value of land from Rs. 40,000 to Rs. 20,000 per Marla and rate of construction from Rs. 80 to Rs. 50 per square foot in respect of Cold Storage measuring 8 Kanals situated at Mian Muhammad Pur Road, Sahiwal. 2. Mr. Javed Aziz, D.R. is present on behalf of the Revenue whereas none is present on behalf of the assessee in spite of service of notice. Therefore, ex parte proceedings are conducted by resorting to rule 20(2) of I.T.A.T. Rules, 1981. 3. The learned D.R. has vehemently argued that the basis evolved by the assessing authority was quite reasonable, hence there was no justification for drastic reduction of valuation of lattar under consideration. He further contends that the First Appellate Authority has not mentioned cogent reasons for impugned…

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