1985 (2) TMI 90

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....er referred the valuation to the Valuation Cell which valued the properties at the above figures which the Asstt. CED adopted. The Valuation Officer valued the properties following the land and building method. He did not accept the rental menthol adopted by the accountable person. On appeal, the Appellate Controller held that the properties have been fully developed and the rental income from these properties have been accepted by the IT Department and therefore, the proper menthol of valuation is only rent capitalisation method. He directed the Asstt. Controller to adopt the rent capitalisation method at 15 times the net rental to ascertain the market value of these properties. Against the same the Revenue has preferred this appeal. 2.....

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....arch, 1974 an nobody was prepared to take it on rent. Hence the rent received at the time of the death of the deceased was the proper rent. The wealth-tax assessment for the valuation date as on 31st March, 1974 was accepted as the tax effect was very small. In the subsequent period there was partition and the properties that the coparceners got was below the wealth-tax limit. 3. We have considered the rival submissions. The three properties in dispute have been fully developed and they are let out. No doubt they are let out to the firms in which the deceased was a partner but the rent received from those firms was accepted as the annual letting value of the properties in the income-tax assessments. Having accepted that the Revenue canno....