1987 (7) TMI 58

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....EVAN REDDY J.-This reference is made under section 27(1) of the Wealth-tax Act, 1957. The following two questions are referred to us : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in fixing the value of the property known as" Nethaji Theatre " at Rs. 7,50,000 for each of the assessment years 1976-77 and 1977-78 ? 2. Whether, on the facts and in ....

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....ssee valued the theatre at Rs. 6,64,000 for the assessment year, 1976-77 and at Rs. 6,50,000 for the remaining two years. He adopted the rent as the basis for the purpose of capitalisation and arrived at the said value. The Wealth-tax Officer was, however, of the opinion that the valuation shown by the assessee is too low and relying upon a report of the Departmental valuer, he valued the same by ....

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....ule or provision of law nor can it be said to be vitiated by any misdirection in law. Accordingly, we answer question No. 1 referred to us in the affirmative, i.e., in favour of the Department and against the assessee. So far as the second question is concerned, we agree with the Tribunal that it is not necessary that of the two valuations, the Department is always bound to adopt the lower valu....