1981 (4) TMI 127

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....,000 1976-77 2,70,000 At the time of the assessment, the WTO did not accept the valuation shown for the assessment year 1974-75 and enhanced it to Rs. 2 lakhs on agreed basis and accepted the valuation shown for the subsequent years. The assessments were completed on30-3-1978. The Commissioner initiated proceedings under section 25(2) as he considered these orders to be erroneous insofar as these are prejudicial to the interest of the revenue and passed a consolidated order dated20-2-1980which is challenged now before us. 3. Shri C.S. Aggarwal, the assessee's learned counsel, challenged the order of the Commissioner on the ground that the findings arrived at by him are untenable, unjustified and not based on materials on record. Th....

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....t value of the property. Since, the cost of investment including the land came to approximately Rs. 1,65,000 and the net value on the basis of the annual letting value on a gross receipt of Rs. 30,780 came to approximately Rs. 2,69,328 on the basis of multiple of 12 on net annual value of Rs. 22,444 (Rs. 30,780 less deductible allowance=net value of Rs. 22,444), the Commissioner was not justified in assuming that there was prejudice to the interest of the revenue in these cases. Since, there was absolutely no basis for the Commissioner to assume jurisdiction in these cases, his orders are liable to be cancelled. 4. On the other hand, Shri B.L. Chhiber, the learned departmental representative, supported the orders of the Commissioner. Acc....