1982 (4) TMI 100

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.... 27th March, 1964 and by a further supplementary agreement dt. 4th Aug., 1964. The sale was completed by an Indenture of conveyance dt. 24th Oct., 1964. The purchasers paid piecemeal Rs. 2,55,822 upto the date of sale, i.e. 24th Oct., 1964. For the balance of Rs. 5,73,584 the purchasers executed a mortgage of the property in favour of the vendor agreeing to pay to the assessee the balance by eight annual instalments of Rs. 71,698 each on 1st Oct., 1965 and on 1st Oct., every year thereafter upto 1972. 3. In the original assessment proceedings for the asst. yrs. 1970-71 and 1971-72, the assessee disclosed the value of the outstanding at Rs. 5,01,896 which the WTO assessed at the disclosed value by the assessment orders dt. 26th June, 1975....

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.... years. 6. The assessee, therefore, filed further appeals before the Tribunal against the valuation of this asset, i.e., the debt outstanding from Lachmandas Aswani and others. It was submitted on behalf of the assessee by the ld. counsel for the assessee that the debt cannot be valued at its face value. It should be suitably discounted as the repayment of the debt was by periodical instalments. As against this, the ld. Deptl. Rep. traced the course of the assessment proceedings right from the original assessment dt. 26th June, 1975 down to the CWT's order u/s 25(2) dt. 24th June, 1977, as detailed earlier. The ld. Deptl. Rep. submitted that what the WTO had done was merely compliance of the CWT's order u/s 25(2) dt. 24th June, 1977. The....

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....d be entitled to see is whether the WTO had properly carried out the direction of the superior authority. In this connection, reference may be made to the Bombay High Court decision in the case of CIT vs. Indo-Aden Salt Works Co. (1959) 36 ITR 499 (Bom), the Andhra Pradesh High Court decision in the case of Pulipati Subbarao & Co. Vs. AAC (1959) 35 ITR 673 (AP), the Punjab & Haryana High Court decision in the case of Kartar Singh vs. CIT (1978) 111 ITR 184 (P&H) and finally the Calcutta High Court decision in the case of Katihar Jute Mills (P) Ltd. vs. CIT (1979) 120 ITR 861 (Cal). In our opinion, therefore, so long as the assessee does not have any grievance to the effect that the WTO has not complied with the terms of the CWT's order u/s ....