1984 (7) TMI 234

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....lidated and disposed of by a common order for the sake of convenience as the facts are identical. The appeals pertain to asst. yr. 1976-77 for which the valuation date is 3rd Nov., 1975. The assessee have 1/7 share in each Brookland Estate and Woodland Estate. The WTO completed the assessments on 31st March, 1981 by estimating the value of Woodland Estate at Rs. 25lakhs as against book value of Rs....

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.... Rs. 42,893) and not Rs. 6,56,337 as shown in the assessment order, was added to the taxable wealth of the estate and after allowing exemption under s. 5(1)(iv) of the WT Act, 1957, the WTO determined the 1/7 share of the assessee at Rs. 1,11,879 each. Similarly, the WTO estimated the value of Brokland Estate at Rs. 25,00,000 and deducting the book value shown at Rs. 16,51,729 and also the increas....

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....ty to the assessee to produce evidence if any. According to the CIT, the orders of the WTO were erroneous inasmuch as the WTO had estimated the value of lands in each of the two estates at Rs. 25 lakhs each and on that basis the enhancement of the assessee's share worked out to 3.12 lakhs and 3.06 lakhs in respect of Brookland Estate and Woodland Estate respectively each. Therefore, the orders pas....

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....er of the WTO. 4. The ld. Departmental Representative has been duly heard and he has supported the orders of the CWT. 5. After due consideration we hold that in view of the decision of the Madras High Court in the case of CIT vs. City Palayacot Co. (1980) 15 CTR (Mad) 365 : (1981) 132 ITR 430 (Mad) and the Supreme Court in the case of CIT vs. Amrit Lal Bhogilal (1958) 34 ITR 130 (SC) the content....