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Section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976 - Voluntary disclosure of Income and wealth - Assessment years 1969-70 to 1974-75 - Assessee disclosed an amount under Voluntary Disclosure Scheme and invested same in construction of a house - Whether assessee was entitled to deduction of said amount out of value of house in question - Held, yes FACTS During the assessment proceedings, the WTO determined the value of the assessee's building by rent capitalisation method and applied the multiplier of 13.33 to the net annual value. In appeal, the Assessing Officer reduced the multiplier to 2. On department's appeal, the Tribunal applied 10 times of the net annual rent. The Tribunal also allowed the assessee's claim for deduction of an amount out of the value of the building, which had been disclosed by him under the Voluntary Disclosure Scheme. On reference : HELD Considering the view taken by the different High Courts, there was no justification to interfere with the view taken by the Tribunal of valuing the property by rent capitalisation method taking 10 times multiplier of the net annual rent. [Para 5] The assessee submitted that while disclosing Rs. 50,000, he made the disclosure and clarified that the said amount had been invested in the construction of the house in question, so that formed part of the assets and eligible for exemption under clause (c) of sub-section (1) of section 13. That fact had not been controverted or dislodged by the Tribunal. [Para 9] Thus, no interference was called for with the order of the Tribunal. [Para 10] CASES REFERRED TO CIT v. Smt. Vimalaben Bhagwandas Patel [1979] 118 ITR 134/ 1 Taxman 183 (Guj.) [Para 4] and Aditya Narayan Roy v. CWT[1990] 183 ITR 175 (Cal.) [Para 4]. J.K. Singhi for the Applicant. J.K. Ranka for the Respondent. JUDGMENT 1. On an application filed under section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred the following questions for the opinion of this Court : "1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the market value of the property 'Himanshu Bhawan' should be determined by applying a multiple of 10 to…

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