1996 (7) TMI 71

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....valid ground for adjournment of the case as the other counsel for the petitioners is here and can well argue the petition. That being so, the application for adjournment is turned down. Sri Prabhakar Mehrotra appears for the petitioners and Sri Bharati Agarwal appears for the Revenue and they are heard. By this petition, the petitioners seek quashing of the reference made by respondent No. 1 for the valuation of properties Nos. 17/9 and 17/9A, the Mall, Kanpur, and also pray that the respondents be restrained from making any valuation on the basis of the reference made by respondent No. 1, vide his orders dated February 2, 1995 and July 10, 1995. Counter-affidavit has been filed denying the averments made in the petition. No rejoinder af....

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....ending and in contravention of the provisions of section 16A of the Wealth-tax Act or those of section 55A of the Income-tax Act proceedings for valuing the petitioners' property have commenced. Dealing with the point in issue elaborately it is contended in para. 15 of the counter-affidavit giving adequate reply to the petitioners' submissions that section 16A of the Act applies with full force and the Assessing Officer can make reference to the Valuation Officer regarding the petitioners' property and section 16A of the Act also provides for fair market value of the assets. For an appraisal of the case in a nutshell it is necessary to reproduce the reply submitted by the respondents in their counter-affidavit, vide para. 15 : " The actio....