COMMISSIONER OF WEALTH TAX Vs. P GOPINATHA PILLAI

JUDGEMENT

(1.) PURSUANT to the direction given by this court in O.P. No. 2133 of 1992 dated November 3, 1994, the following question has been referred to this court under Section 27(3) of the Wealth-tax Act, 1957 (in short "the Act"), by the Income-tax Appellate Tribunal, Cochin Bench (in short "the Tribunal") :

(2.) THE factual position in a nutshell is as follows : THE assessee is an individual owning immovable properties of extensive area. For the assessment year 1982-83, corresponding to the accounting year ending on September 30, 1981, he filed a return of wealth declaring taxable wealth at Rs. 5,51,000. THE Wealth-tax Officer referred the matter to the Valuation Officers, Madurai, Calicut and Thiruvananthapuram for making valuation of various properties under Section 16A of the Act. After receipt of the valuation report only from the Valuation Officer, Thiruvananthapuram, he adopted the values determined by the said authority in respect of the properties mentioned at items Nos. 1 to 6 in the assessment order. Regarding valuation of the property at item No. 7, he accepted the valuation made by the Valuation Officer, Coimbatore. THE properties at items Nos. 8 to 13 were valued on the basis of the assessee's own admission in the return of wealth filed. Thus the gross value of the immovable properties was fixed at Rs. 59,11,800 including the market value of the residence which was fixed at Rs. 2,40,500. THE taxable wealth was finally determined at Rs. 58,19,000.

(3.) ON being moved, initially the Tribunal had refused to refer any question. But subsequently, as noted above, on the basis of this court's order, reference has been made.