1994 (4) TMI 108

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....ich the deduction under s. 5 at Rs. 1,00,000 was claimed, thus, offering the value at Rs. 2,14,000. The Assessing Officer made a reference under s. 16A to the Departmental Valuation Cell which determined the value of the property at Rs. 9,21,800. This was adopted by the Assessing Officer and after allowing statutory deduction under s. 5 at Rs. 1,00,000, the value adopted was Rs. 8,21,800. The assessee took up the matter in appeal before the learned Dy. CWT(A) when he assailed the valuation adopted at Rs. 9,21,800 as against Rs. 3,14,000 shown and one of the grounds of appeal raised was against the mode of valuation adopted by the Departmental Valuation Cell when according to the assessee valuation of the impugned property should have been w....

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....BB is mandatory and it is the duty of the Assessing Officer to determine the value of the property accordingly. Shri Aggarwal submitted that this was duly brought to the notice of the Valuation Cell when the assessee offered his comments on report of Departmental Valuation Officer wherein the assessee had worked out the valuation under r. 1BB on rateable value basis at Rs. 2,72,750 and at Rs. 3,67,750 under rental method and at Rs. 4,03,800 under Land and Building method. He submitted that it was pointed out that the valuation as under rateable value method at Rs. 2,72,750 could only be adopted. Shri Aggarwal submitted that while the learned 1st Appellate Authority found the report of the Departmental Valuation Officer made in a hurry witho....