1977 (5) TMI 37

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....n the valuation of 8.5 acres of cotton growing land. The Asstt. Controller estimated the value at Rs. 67,500 by considering the circumstance that it was found from the books of the deceased that average sale proceeds of cotton grown on his land for the two years amounted to Rs. 13,500. The Accountable Person had disclosed its value at Rs. 17,000 and the approved valuer had valued this land at Rs. ....

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....at five times the net receipt. it was pointed out on behalf of the Accountable Person that the Assistant Controller had not worked out the net receipt and had merely taken into account the gross sale proceeds of the cotton, which worked out to Rs. 13,500 on an average in the two years considered by him. Hence, the contention was that taking five times of the goods sale proceeds naturally resulted ....