1999 (4) TMI 31

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.... MRS. A. SUBBULAKSHMY J.---The assessees are individuals who are co-owners of four properties. The first property is a residential property. The assessee disclosed the value of this property at Rs. 80,000. The Valuation Officer took the value of the building by capitalising the rent of Rs. 6,700 at 7.722 times and added reversionary value of the land to arrive at the value of Rs. 2,04,000. The se....

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....deleted the reversionary value of the land in the computation made by the Valuation Officer thus reducing the value of the properties. The Commissioner directed that the value of Alexandra House be accepted as Rs. 80,000, the value of the Cash Bazar property as Rs. 3,38,300 and the value of the property, Liberty Theatre as Rs. 3,79,700. With reference to the Band Line property, he directed the Wea....

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....s been referred to this court for our opinion : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that no addition on account of 'reversionary value' of the lands was warranted ?" Learned counsel for the Revenue submitted that the Appellate Assistant Commissioner was in error in deleting the reversionary value of the land and the superst....

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....hich was not accepted by the Appellate Assistant Commissioner. The Commissioner has followed the decision of the Calcutta High Court in CIT v. Anup Kumar Kapoor [1980] 125 ITR 684 and has taken the view that there is no justification in adding the reversionary value of the land as the value of the property has been determined by adopting the rental method. The Tribunal confirmed the order of the A....