1993 (10) TMI 11

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....istrict Valuation Officer, under the provisions of the Act. Respondent No. 2, the Valuation Officer, is responsible for valuing immovable properties at the instance of the Wealth-tax Officer. The petitioner had immovable property of land with a building thereon. The Wealth-tax Officer, somewhere in 1974, took up the assessment of the immovable property of the petitioner for the assessment years 1966-67 to 1973-74 under the Act and referred the matter for valuation of the property to the District Valuation Officer. After following the procedure laid down under the Act, the District Valuation Officer passed an order under section 16A(5), fixing the market value of the property, vide annexure "C". The Wealth-tax Officer passed an assessment or....

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....oner of Wealth-tax are annexed to the petition at annexures "H-1" to "H-7". Against these orders, the petitioner preferred appeals to the Tribunal. However, by a composite order at annexure "J", the Tribunal rejected the appeals on May 30, 1988. The Tribunal observed that: "The resultant effect of the Commissioner's order is that in view of the basis obtaining as above, an enquiry into the investment in non-taxable assessment is called for. It is open to the Wealth-tax Officer after hearing the assessee, who would be given all opportunity to present his case to come to the conclusion one way or the other on the above fact of investment. The assessee, therefore, cannot be said to have been aggrieved at all. " It appears that thereafter....

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....f the order passed by the Commissioner of Wealth-tax, is perused, it becomes very clear that notice was issued to the assessee directing the Wealth-tax Officer to recompute the net wealth as mentioned in the order. There is a reference to the increase in the value of the building due to additional construction to the tune of Rs. 1,70,322 and purchase of furniture and fixtures worth Rs. 1,24,411, and nothing more. After considering the provisions, the Commissioner of Wealth-tax set aside the order of assessment and directed the Wealth-tax Officer to reassess in accordance with law. It is required to be noted that the report of the Valuation Officer is untouched and rightly, the question was of increase in the wealth for the year 1966-67 as n....