2008 (1) TMI 10

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....Bench 'E' Delhi) (in short as 'Tribunal') has referred the following question under Section 256(1) of the Income Tax Act, 1961 (in short as 'Act') for opinion of this Court:- "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal erred in not holding that the value of the properties as on 1^st January, 1964 be taken by capitalisation method?" 2. &n....

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....er that for the assessment year 1971-72, the same registered valuer has valued these very properties along with others vide valuation report dated 31^st May, 1971. The land was valued at Rs.4 per Sq.ft.  and the old house also at Rs. 4 per Sq.ft. The value in the case of HUF for assessment year 1971-72 declared on the basis of the said report of the registered valuer was accepted by the Depar....

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....3.   The Assessee contested the decision of the Income Tax Officer before the Assistant Commissioner of Income Tax. The Assistant Commissioner of Income Tax agreeing with the reasoning of Income Tax Officer, refused to interfere. 4.   Thereafter, the matter was brought before the Tribunal by the Assessee and the Tribunal dismissed the appeal filed by the Assessee and thus, t....

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.... has been shown that the earlier report should be ignored altogether. 7.   As per findings of the Tribunal, the Income Tax Officer had worked out the cost of acquisition relying upon the Assessee's own evidence. There is no evidence that the house property of plot No.3 was being occupied by any tenant on rent. Further, as per observation of the Tribunal, certain pages regarding rent a....