1989 (12) TMI 32

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....Act, 1957, pertain to the assessment years 1974-75 to 1977-78. The respondent-assessee has a share in a residential house at Kanpur and the question involved is regarding the valuation of that house. It appears that, in respect of the assessment year 1971-72, the Income-tax Appellate Tribunal had determined the value of the property at Rs. 2,50,000, vide its order dated January 29, 1981. This ord....

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....ording to learned counsel, till today, a copy of that order has not been received by the Commissioner of Wealth-tax at Delhi. Therefore, the question of the Commissioner filing an application under section 27(3) in respect of the assessment year 1971-72 does not arise. Be that as it may, it cannot be denied that, according to section 7(4), the value of a residential house has been frozen as being....