1981 (3) TMI 118

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....the report of the Deptl. Valuer for the assessment years under appeal is as follows: Assessment year Returned Value Assessed Value 1968-69 1,90,000 3,02,200 1969-70 2,85,000 4,68,900 1970-71 2,90,000 4,68,200 1971-72 2,90,000 4,09,500 1972-73 2,85,000 5,13,400 1973-74 2,85,000 5,43,500 1974-75 2,85,000 5,93,500 1975-76 2,85,000 5,99,700 As already stated, the market value of the property was enhanced by the WTO on the basis of the report of the departmental Valuation Officer. 3. The assessee preferred appeals to the AAC of Wealth-tax. It was contended that the property in question was partly self-occupied and partly it was let out. It was pointed out that....

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.... WTO to modify the assessments accordingly. 4. Against the above order of the AAC, the Revenue has come up in appeal to the Tribunal. The following identical grounds have been taken in each appeal: "On the facts and in the circumstances of the case, the learned AAC of Wealth-tax erred in: (i) giving relief to the assessee in the matter of valuation of the house property without giving an opportunity of being heard to the Valuation Officer as provided under s. 23 (3A) (a) of the WT Act; (ii) relying on the WT (Amendment) Rules, 1979 which came into force on1st April, 1979only; and (iii) holding that the value of the house property declared by the assessee in his returns of wealth is fair and reasonable." 5. We have heard th....