1982 (5) TMI 90

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....ht each in a rubber estate called 'Reveira Estate' in Nilambur. In October, 1977, this estate become the asset of a firm, viz., M/s Excel Movies later named as Navoday. This firm consisted of six partner with equal shares. Of the original owner Sri M.C. Punnoose and Smt. M.C. Thankamma completely surrendered their one-fourth share each in favour of the other partner, Smt. Annamma Antony and Smt. A....

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....al income determined in the assessment was Rs. 55,786, the GTO estimated the value of property at Rs. 9,000 per acre. The value of the estate in all came to Rs. 5,23,280. The AAC upheld this valuation by the GTO. Hence these appeals by the assessee here. 2. The main ground of appeal in all these appeals that has been argued before us is regarding the valuation of the estate. It is urged that th....

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....cular. It is submitted that the value on this basis would be less than the value returned by the assessee. 3. The deptl. rep. pointed out that the valuation according to this circular which is only in respect of the wealth-tax assessment would be less than the value returned by the assessee here for gift-tax assessment. It is also submitted by Deptl. Rep. that this circular issued for wealth-ta....

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....es that the proper thing to do is to direct the Gift-tax Officer to recompute the value of the lands in question on the basis of paragraph 4 of the circular. If such recompilation is less than the value returned by the assessees here then the GTO will adopt the value taken by the assessees here for the purpose of the return, namely, Rs. 3,53,536. He will modify the assessment accordingly. 5. In....