Law:

Section:

Section 25 of the Wealth-tax Act, 1957 - Revision by Commissioner - Assessment year 1975-76 - Commissioner, in exercise of power under section 25, set aside assessment order passed by WTO on ground that value of land and building as placed by Valuation Cell was much higher than that adopted by WTO - Tribunal held that valuation report could not be taken into consideration for initiating proceeding under section 25 as said report was brought on record subsequently - Whether in view of decision of Apex Court in CIT v. Shree Manjunathesware Packing Product & Camphor Works [1998] 231 ITR 53/ 96 Taxman 1 , Tribunal was not justified in holding that valuation report could not have been taken into consideration by Commissioner - Held, yes CASE REFERRED TO CIT v. Shree Manjunathesware Packing Product & Camphor Works [1998] 231 ITR 53/ 96 Taxman 1 (SC) [Para 3]. A.N. Mahajan for the Applicant. ORDER 1. The ITAT, Allahabad, has referred the following two questions of law under section 27(1) of Wealth Tax Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court : "1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the case of Delhi High Court in the case of Gee Vee Enterprises v. Addl. CIT ( 99 ITR 375 ) was distinguished? 2. Whether on the facts and in the circumstances of the case, the Tribunal was legally justified in cancelling the order of the CWT passed under section 25(2) of W.T. Act as without jurisdiction in view of Calcutta High Court decision in Ganga Properties v. ITO(118 ITR 447)?" 2. The reference relates to the assessment year 1975-76. The Wealth-tax Officer had valued the immovable property at Rs. 50,809 as on 31-3-1975. The Commissioner of Wealth-tax on examination of record of the case was of the opinion that the order passed by the Wealth-tax Officer is erroneous and prejudicial to the interest of revenue inasmuch as the value of land and building has been placed by the Valuation Cell at Rs. 1,52,000. He initiated a proceeding under section 25(2) of the Act and after giving opportunity of hearing and considering the reply filed by the respondent- assessee, set aside the…

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