TaxTMI 
TaxTMI 
TaxTMI 
1989 (1) TMI 174
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....tion that value adopted in other co-owners' cases (where valuation was not made u/s. 16A should be adopted in the assessee's case as well, and since it is tantamount to ignoring valuation obtained u/s. 16A, such a direction is bad in law. " 2. We have heard the learned representatives on both the sides. 3. The case involves the valuation of the assessee's share in two properties, one situated at Tilak Road and, the other at Khairatabad. The assessee showed the valuation of Tilak Road property at Rs. 50,000 and Rs. 46,430 in both of which she has 1/7th share. As per the Wealth-tax Officer both these properties were also valued by the Valuation Officer, Unit-I of the Income-tax Department who determined the value of these properties at Rs. ....
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.... in respect of both these properties could very well be taken into account qua the assessee as it related to the same properties though made in respect of a different co-owner especially in view of the context that its copy was also sent to the assessee and her objections invited. As to the ratio of Jaswant Rai's case, the learned departmental representative has tried to distinguish it on the ground that in the cited case, the Wealth-tax Officer had himself adopted the valuation as against the adoption of the valuation in the present case on the basis of the report of the Valuation Officer. Further in the present case, the attendant procedure necessary for making the Valuation Officer's report admissible was also followed. 7. We have consi....
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....o produce accounts, records and other documents etc. as required by him for arriving at proper valuation only in pursuance of a reference under sec. 16A(1) as is mandated by sub-sec. (2) of sec. 16A. The absence of the reference by the jurisdictional Wealth-tax Officer in the case before us, in our opinion, go a long way to vitiate the entire proceedings qua the present assessee thereby disentitling the use of the report of the Valuation Officer though obtained in the case of another co-owner on a reference made by another Wealth-tax Officer. Such a lapse we are of the considered view, decimates the entire exercise carried out by the Wealth-tax Officer in pressing into service the report of the Valuation Officer called for by his counterpar....