1987 (3) TMI 59

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....ence under the Wealth-tax Act, 1957, made at the instance of the assessee. It raises the following question: "Whether, on the facts and in the circumstances of the case, it was rightly held that the assessee cannot be allowed to rely on the valuation report at the time of hearing before the Tribunal and that the valuation of the properties taken at Rs. 8,00,000 for the assessment years 1957-58 ....

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....rty at Rs. 10,20,000 but reduced the valuation of movable property to Rs. 1,80,000. The assessee then appealed to the Income-tax Appellate Tribunal. Pending disposal of the appeal, notices were addressed to the assessee stating that she was entitled to refer the question of valuation of the immovable property to valuers and was called upon to nominate her valuer if she intended that a reference....

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....bjects to the valuation of any property, the Appellate Tribunal may, and if the appellant so requires, shall, refer the question of the disputed value to the arbitration of two valuers, one of whom shall be nominated by the appellant and the other by the respondent, and the Tribunal shall, so far as that question is concerned, pass its orders under sub-section (5) conformably to the decision of th....