TaxTMI 
TaxTMI 
1986 (8) TMI 43
X X X X Extracts X X X X
X X X X Extracts X X X X
....alore (firm) consisting of three partners which had also constructed building thereon. For the assessment years 1977-78 to 1979-80 relevant to the valuation dates of December 31, 1976, December 31, 1977, and December 31, 1978, respectively, the Hindu undivided family and the three partners of the firm filed their returns under the Wealth-tax Act, 1957 (Act No. 27 of 1957) (" the Act "), before the First Wealth-tax Officer, Mangalore, disclosing their net wealth in the aforesaid property. On February 10, 1979, the Wealth-tax Officer completed the assessments on the Hindu undivided family and the partners of the firm enhancing the value of the said property and those assessments have been affirmed by the appellate authority under the Act. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Calcutta, Madhya Pradesh and Rajasthan in Satyendra Chunder Ghose v. WTO [1980] 126 ITR 102 (Cal), Smt. Uma Debi Jhawar v. WTO [1982] 136 ITR 662 (Cal), Onkarji Kasturchand (HUF) v. WTO [1982] 135 ITR 188 (MP) and Brig. B. Lall v. WTO [1981] 127 ITR 308 (Raj) and the commentary of Sri A. C. Sampath Iyengar Three New Taxes, VI edition, at page 683. Learned standing counsel for the Revenue, refuting the contention urged for the petitioners, contends that the notices issued by the Valuation Officer cannot be construed as notices exclusively for determination of valuation as on December 31, 1976, and December 31, 1977, but must be construed as general references for assessing the valuation of the property to be used by the authorities in acc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ith the estimate made by a registered valuer, if the Wealth-tax Officer is of opinion that the value so returned is less than its fair market value ; (b) in any other case, if the Wealth-tax Officer is of opinion (i) that the fair market value of the asset exceeds the value of the asset as returned by more than such percentage of the value of the asset as returned or by more than such amount as may be, prescribed in this behalf; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do. (2) For the purpose of estimating the value of any asset in pursuance of a reference under sub-section (1), the Valuation Officer may serve on the assessee a notice requiring him to produce or c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....in writing, estimate the value of the asset and send a copy of his order to the Wealth-tax Officer and to the assessee. (6) On receipt of the order under sub-section (3) or sub-section (5) from the Valuation Officer, the Wealth-tax Officer shall, so far as the valuation of the asset in question is concerned, proceed to complete the assessment in conformity with the estimate of the Valuation Officer. " When an assessment is pending before him, the section empowers the Wealth-tax Officer to make a reference on the valuation of the property involved in such an assessment. On such a reference, the Valuation Officer is competent to determine the valuation of such property and furnish the same to the Wealth-tax Officer which is made binding....