1986 (12) TMI 109

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....pugned property was constructed between 1966 and 1970. Upto assessment year 1979-80 the WTO had accepted the value of this house at Rs. 1,92,360. The value of this house was shown and accepted at Rs. 1,90,800 in the assessment year 1971-72. It was submitted before the learned AAC, in view of section 7 (4) of the Wealth-tax Act, the WTO should have adopted this value of Rs. 1,90,800 for the relevant assessment year. It was argued before him that the impugned property being residential house, rule 1BB of the Wealth-tax Rules should have been adopted by the WTO as this is the view of different Tribunals of all over India and also High Courts. It was informed by the learned assessee's counsel, the municipal tax of this house was only Rs. 695.56....

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....el for the assessee, Sri N.P. Agarwal argued before us that the valuation on the basis of which the assessment was made by the valuation cell officer was improper as no opportunity was given to the assessee and opportunity given in respect of valuation as on 31st March, 1975 could not be treated tantamount to be an opportunity given in respect of valuation as on 31st March, 1971. According to him every valuation was a separate valuation and separate opportunity should be provided to the assessee. The learned counsel for the assessee further submitted that the valuation should be adopted on the basis of rule 1 BB of the Wealth-tax Rules as admittedly the impugned property is a residential property. 4. The learned departmental representati....