COMMISSIONER OF WEALTH TAX Vs. SARASWATI DEVI DALMIA

JUDGEMENT

(1.) NEW Delhi (for short Tribunal). The appeals decided by the Tribunal pertain to as many as eight assessment years. In respect of some of these assessment years, the Revenue had filed appeals in this Court being WTA Nos. 12 -15 of 2004 but a Division Bench, simply holding that no substantial question of law arises in the appeals, dismissed them all on

(2.) FOR the asst. yrs. 1971 -72 to 1974 -75, the market value of property bearing No. 4, Tilak Marg, had been determined For the eight assessment years in question, the market value of the same property was determined by the CWT(A) at valuation report, the DVO adopted the rent capitalisation method stating that, "the tenant is not related to the owner to the best knowledge of the valuing authority". The contention of the Revenue before the Tribunal and before us was that adopted the land and building method of valuation since the tenant was related to the assessee and the rent was collusive.

(3.) WE are of the view that this contention was rightly rejected by the Tribunal. First of all, the rent capitalisation method was still valid as per Sch. III to the WT Act and so no change in the method of valuation was called for. Secondly, there was no change in the rent during the relevant period and so, there was no occasion to revalue the property. Finally, the second valuation report, based as it was on the assumption that the tenant was related to the assessee, was in direct conflict with the earlier report, which categorically stated that the "tenant is not related to the owner".