1979 (7) TMI 119

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e against the consolidated order of the AAC. 2. The first grievance is against valuation of assessee's house property. The WTO on the basis of 16 times of the net rental income of the property, determined the value for the first year under appeal at Rs. 3,35,700 and that for the second year at Rs. 4,01,440. 3. When the matter went up to the AAC it was contended on behalf of the assessee that....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the WTO to estimate the value of the house property at Rs. 2,25,760 for both the years under appeal. 4. The assessee has come up in further appeal before us and it was contended by the learned counsel for the assessee that in the immediately preceding year, the WTO himself accepted the value returned by the assessee for the house property in question at Rs. 1,57,887. He, therefore, claimed tha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f that Circular the Board made it clear that in small mofussil towns the rental income may be very low and the return from the investment may be lower even than the gilt edged rates and that such cases should be approached with caution. He, therefore, submitted that in the light of this principle it could not be said that the AAC was not justified in estimating the value of the assessee's house pr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at is to say, after deduction of all statutory allowances from the gross rental incomes for both the years under appeal. 6. The next common grievance of the assessee is against the estimated value of its low land measuring about 3.87 acres at Rs. 800 per decimal. The assessee returned the value of this land at Rs. 1,63,500, but the lower authorities determined the same at Rs. 2,61,600 by applic....