2009 (2) TMI 344

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.... by 1. M. N. BUANDARI J.-The Income-tax Appellate Tribunal, Jaipur Bench, Jaipur has referred the following question in R. A. Nos. 227 to 235/JP187 arising out of W. T. A. Nos. 20 to 28/JP/87 for the assessment years 1972-73 to 1981-82: "1. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of section 7(4) of the Wealth-tax Act, 1....

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.... been taken for the subsequent assessment years. It is stated that April 1, 1971, is the crucial date as per the provisions of section 7(4) of the Act as the assessee was the owner of the property even prior to 1971. The order passed by the Wealth-tax Officer was challenged by the assessee and the Appellate Assistant Commissioner of Income-tax held that the value of the property as taken in the ye....

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....riod of twelve months immediately preceding the valuation date may, at the option of the assessee, be taken to be the price which, in the opinion of the Wealth-tax Officer, it would fetch if sold in the open market on the valuation date next following the date on which he became the owner of the house, or on the valuation date relevant to the assessment year commencing on the 1st day of April, 197....

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....ce which it will fetch on the valuation date relevant to the assessment year com mencing on first day of April, 1971, and in other cases if the ownership of the property comes later on, then the relevant date would be the valuation date following the date on which the assessee becomes the owner of the house. In the present matter, the assessee was the owner of the properly much prior to the assess....