1982 (1) TMI 102

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.... a combined order. The dispute relates to the valuation of self-occupied property in the appeal of the revenue. The assessee contended before the AAC that in view of s. 7(4) of the WT Act, 1957 the valuation taken for the assessment year 1971-72 be taken for all the subsequent years. The AAC having relied on a decision of Jaipur Bench in the case of M/s. Tarachand Tholia & Sons. Reported in Tax Wo....

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....the asst. yr. 1971-72. For the said year, the value of the property was estimated at Rs. 2,90,390 including the value of the Guest House, which was not in self-occupation. The AAC determined the value of the Guest House at Rs. 30,000 and determined the value of the self-occupied portion as on 31st March 1971, meaning thereby, for the asst. yr. 1971-72 at Rs. 2,60,390 and held that the same valuati....