COMMISSIONER OF WEALTH TAX Vs. SHEILA MARETT

JUDGEMENT

(1.) BY this petition under S. 27(3) of the WT Act, 1957, the revenue seeks a mandamus to the Tribunal for drawing up a statement of the case and refers the following question of law for the opinion of the High Court :-

(2.) THE respondent-assessee is an individual. She has a house property situated at B-96, Greater Kailash part-I, New Delhi. She filed her return of wealth for the asst. yrs. 1985-86 and 1986-87 showing the value of the property at Rs. 3,86,750. The AO did not accept the valuation and made a reference under S. 16A of the Act. The Asst. Valuation Officer vide his report dt. 29th Jan., 1990 determined the fair market value of the property at Rs. 5,16,500 as on 31st March, 1985 Rs. 5,08,500 as on 31st March, 1986.

(3.) THE AO formed an opinion that it was a fit case for application or r. 1BB of the WT Rules. With the prior approval of the Dy. CIT, the AO called for a re-valuation. The Asstt. Valuation Officer, pending the final resort, informed the AO and the assessee both vide his letter dt. 28th March, 1990 that the fair market value of the property was estimated at Rs. 21,04,300 as on 31st March, 1995 and Rs. 27,90,600 as on 31st March, 1986. The valuation so proposed was adopted by the AO subject to substitution by valuation which may be finally determined for assessing the taxable wealth.