COMMISSIONER OF WEALTH TAX Vs. HIMALAYA TRADING CO

JUDGEMENT

(1.) THESE two applications raise the question of valuation of a property on Barakhamba Road, New Delhi. The WTO valued the property on the assumption that a multi -storeyed structure could be put on it and flats built and disposed of at fabulous rent. On appeal, the CWT (Appeals) rejected this method and instead applied the land and building method after taking into account the portion of the land which was of commercial nature and the land which could be used only for residential purpose.

(2.) THE Tribunal has confirmed the order of the CWT (Appeals). The question regarding the method of valuation is purely a question of fact and the Tribunal has applied a well recognised method in this regard. Even assuming that the method outlined by the WTO could be described as a reasonable method of valuation, the Tribunal's order decides which method is more suitable to the particular case and that was on appreciation of the facts. These applications, therefore, fail and are dismissed. No costs.