2014 (1) TMI 500

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....P Poddar, D Sinha JUDGEMENT:- PER : Aparesh Kumar Singh Being aggrieved by the order dated 26.12.2007 passed by the Income Tax Appellate Tribunal in respect of the Assessment Years - 1998-99, the Revenue filed this appeal, raising the question of law that ITAT was in law not justified in rejecting the fair market valuation of Assessing Officer and that ITAT was not right in allowing asset....

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....the direction to the Assessing Officer:    (i) to assess the net wealth of the assessee on substantive basis    (ii) to exclude the value of the assets from the computation of taxable wealth on the ground that most of those assets were commercial in nature and the agricultural land was beyond 25 km from Municipal limit.    (iii) to adopt the value as shown by....

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....ng appeal/reference before the appellate authority, the appeal preferred by the Revenue is not maintainable. This statement is not disputed by the learned counsel for the Revenue. The relevant portion of the said Instruction No.2/2005 reads as follows:    "2. In partial modification of the above instruction, it has now been decided by the Board that appeals will henceforth be filed on....