2004 (12) TMI 25

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....1957, hereinafter referred to as "the Act", for opinion to this court: "Whether, the Tribunal is right in holding that the rectificatory valuation report drawn under section 35(1)(aa) of the Wealth-tax Act by the Valuation Officer amounted to a second valuation report and thus was not admissible under law?" The present reference relates to the assessment years 1981-82 to 1983-84. Briefly stated ....

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....he order of rectification on the basis of the land and building method. The Wealth-tax Officer had taken the value as given by the Assistant Valuation Officer vide order dated March 28, 1985, i.e., the second report as a result of rectification. Feeling aggrieved the respondent preferred an appeal before the Commissioner of Wealth-tax (Appeals), who had allowed the appeal and directed the Inspecti....

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....tified his earlier valuation report. The submission is misconceived. The valuation of property according to the land and building method is not the only mode prescribed under the Act and the Rules for valuation of any property and there are several other modes of valuation available and if the Valuation Officer is his wisdom has taken the rent capitalisation method for valuing the property it cann....