1996 (6) TMI 18

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....refer that valuation to the valuation made by the Departmental valuer, whose report does not disclose the materials or data or the basis on which the rates given by him were arrived at ? (2) Was the Tribunal correct in refusing to give credit for the intangible addition of Rs. 7,990 when the assessee has conceded the amount for wealth-tax assessment and when the Income-tax Officer has not commented against it in his remand report on the ground that it is a new ground before it ?" The assessment year involved in this reference is 1974-75, the accounting period for which ended on March 31, 1974. The assessee in this case is an individual. The main dispute involved in this case relates to the value of a modern well designed double-storey....

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....d by the C. P. W. D. and that the P. W. D. rates are higher than the rates available in that area. However, the assessee filed a valuation report by a retired technical adviser to the Kerala Financial Corporation. The Appellate Assistant Commissioner, in view of the valuation report so filed by the assessee, remanded the case to the Income-tax Officer for verification of the fresh valuation report. Accordingly, the Income-tax Officer submitted a remand report in which he had stated that the valuer of the assessee had not given any details on the basis of which he had applied various rates for the different items of work. Ultimately, the Appellate Assistant Commissioner accepted the arguments of the assessee stating that the valuation by ....