1986 (11) TMI 95

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.... the cross objections for the first year the AAC's action of setting aside the assessment on the point of Greater Kailash property is agitated. Shri P.N. Monga submitted that no other relief was sought and the other contentions in the cross objections were to support the AAC's order. 2. The assessee is a Research Officer in the Planning Commission. She filed returns declaring net wealth of Rs. 2,61,300 and Rs. 2,85,700 respectively for the two years under appeal. In respect of house at Greater Kailash, whose value was declared at Rs. 2,48,780 as on31st March, 1977the WTO required valuation on the said date. The assessee filed a report from a registered valuer as on31st March, 1975and31st March, 1978. The registered valuer capitalised the....

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....like to mention here that the AAC's finding based on the Bombay Co-operative Societies Certificate that the flat was under self-occupation has not been controverted by the Revenue and, therefore, we are accepting the said position. 6. We reject the Revenue as far as the question of valuation of Bombay flat is concerned, because irrespective of the fact that it was sold for Rs. 4,80,000 in July, 1978 the assessee was sheltered by the provision of s. 7(4), which we like to notice as follows, and which provision was inserted by the Finance Act, 1976 w.e.f. 1st April, 1976, i.e., applicable from the asst. yr. 1976-77. "7(4) Notwithstanding anything contained in sub-sec. (1), the value of a house belonging to the assessee and exclusively u....

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....urn for asst. yr. 1975-76 (revised) enclosing a copy of the Valuation Report by Registered Valuer as on 31st March, 1975 and 31st March, 1976. This was delivered at Mayur Bhawan,New Delhivide Deptt's acknowledgement receipt No. 1918 dt.12th July, 1976and is also referred to in my returns for Asst. yrs. 1976-77 and 1977-78. The Deptt. should also please be required to produce my letter dt.27th March, 1982to WTO Shri P.C. Abrol, which should be on the office case file. These should help to put the record straight and effectively controvert the WTO's statement that he was not provided with valuation report. Besides a fresh valuation report was not justified in this case as the flat was subject to the provisions of s. 7(4) of the WT Act. It was....