1971 (4) TMI 28

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....and in the circumstances of the case, the decision of the valuers as stated in the said report without any reason in support of it was in accordance with law ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in disposing of the appeal on the basis of the said decision of the valuers ? " The assessment year is 1958-59, the relevant valuation date being the 31st December, 1957. The Wealth-tax Officer computed the value of the respondent's net assets on a global basis in terms of section 7(2)(a) of the Wealth-tax Act by deducting the liabilities from the assets as appearing in the respondent's balance-sheet drawn on 31st December, 1957. In the balance-sheet " goodwill " has been shown on the ass....

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...., or failing agreement, by the Appellate Tribunal, and the decision of that valuer on the question of valuation shall be final." In accordance with the above provisions, the Tribunal by its order dated the 2nd April, 1963, referred the question of valuation of the " goodwill " to two valuers being the nominees of the respective parties. The valuers submitted a unanimous report on the 22nd July, 1963, stating that the value of the " goodwill " as on the 31st December, 1957, was " nil ". Conformably to the valuers' decision the Tribunal directed that the value of the " goodwill " should be taken at " nil " in the assessment of the relevant year. In this court, counsel for the Commissioner of Wealth-tax has ably argued that the valuers' ....