Law:

Section:

Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Tribunal after hearing parties and examining issue of valuation of plot of assessee, with reference to rates applied in respect of other assessee in same locality worked out rate of plot in question - Revenue challenged said valuation - Whether since impugned order of Tribunal was based on facts and no question of law was involved, recourse to section 27A could not be taken - Held, yes R.L. Jain and Ku. Mandlik for the Appellant. ORDER A.M. Sapre, J. - The decision rendered in this appeal shall govern disposal of other connected appeals being WTA Nos. 85, 86, 87 and 88 of 2004 because it involves common question and secondly, all these appeals relate to same assessee. 2. This is an appeal filed by the Revenue (Commissioner of Wealth- tax) under section 27A of the Wealth Tax Act against an order dated 23-12-2003, passed by ITAT in WTA Nos. 55 to 59/Ind./98 in relation to assessment years 1987-88, 1989-90 to 1992-93. 3. The short question involved in these appeals is, whether it involves any substantial questions of law for admitting the appeal under section 27A of the Act. 4. The dispute in this appeal relates to the rate of plot owned by an assessee. The Tribunal after hearing the parties and examining the issue with reference to rates applied in respect of other assessee in the same locality came to the following conclusion in para 4 of the order:- "Para 4 - After considering the rival submissions and relevant materials on record, particularly the order of Tribunal in case of other assessees, we find force in the contention of Ld. A.R. In view of the concession made by Ld. A.R., we set aside the orders of CWT(A) and direct the Assessing Officer to value the plot at Rs. 18 per sq. ft. in assessment year 1987-88 and thereafter make increase of 7½ per cent for…

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