1996 (7) TMI 133

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....ASHOK BHAN J. --- The following question of law has been referred to this court relating to the assessment years 1977-78 and 1978-79 under section 27 of the Wealth-tax Act, 1957, for the opinion of this court at the instance of the assessee by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as " the Tribunal " ) : " Whether, on the facts and in the circumsta....

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....was not satisfied with the valuation made by the approved valuer. The assessee had received a total rent of Rs. 43,675. Keeping in view the amount of rent realised by the assessee, the Wealth-tax Officer was of the view that the market value as worked out by the approved valuer was not reasonable. The market value of the property was taken at 12 1/2 times the net rental value, after allowing 1/6th....

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....urt in CIT v. Smt. Vimlaben Bhagwan Das Patel [1979] 118 ITR 134, adopting a multiple of 8.33 was not accepted in view of the decision of the jurisdictional High Court in Prem Nath Anand's case [1977] 108 ITR 549. The order of the Appellate Assistant Commissioner was upheld and the valuation was determined taking the multiple of 12. The assessee filed a petition under section 27(1) of the Wealth-t....

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....plicable at the relevant time (section 7 of the Wealth-tax Act stands amended with effect from April 1, 1989), market value had to be determined on the basis of estimate with relation to the price which it would have fetched had it been sold in the open market. The market value has not been determined under the Wealth-tax Act and no rules have been framed at that time for determining the market va....