1980 (9) TMI 23

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.... SOHANI J.-This is a petition under art. 226 of the Constitution. The material facts giving rise to this petition briefly are as follows The petitioner is an HUF and is an assessee under the W.T. Act, 1957, hereinafter called the Act. For the assessment year 1975-76, the assessee filed its return of net wealth on 13th March, 1979, but before the filing of that return a reference was made by th....

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....d. It is also not denied that the assessment of the petitioner for the assessment year 1975-76 was not pending when the reference was made by the WTO to the Valuation Officer. It was, however, contended that the reference to the Valuation Officer in the instant case was under the provisions of s. 16A(1)(b)(ii) of the Act and hence it was not necessary that the assessment should have been pending w....

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....tered 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 beha....

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....to the Valuation Officer, and the reference and the subsequent proceedings before the Valuation Officer must be held to be without jurisdiction and are liable to be quashed on this ground. In this view of the matter, it is not necessary to consider the further question raised in the petition as to whether the valuation made by the Valuation Officer was or was not in accordance with law and the pri....