COMMISSIONER OF WEALTH TAX Vs. CHINUBHAI HARIDAS

JUDGEMENT

(1.) THE Tribunal, Ahmedabad Bench 'C', has referred the following question for the opinion of this Court :

(2.) THE assessment years are 1975-76 to 1978-79. The assessee-HUF was the owner of an immovable property known as "H.A. Market", Kalupur, Ahmedabad. The said property is occupied since long by tenants and there has been no increase in the rent payable by the said tenants. The assessee had accordingly returned the value of the aforesaid property for the wealth-tax purposes at Rs. 3,22,000 for all the four years. However, the WTO adopted the values at Rs. 4,84,000, Rs. 5,00,400, Rs. 5,18,500 and Rs. 5,38,200, respectively for the four years. The enhanced value was arrived at by including the reversionary value of the land on which the property is situate.

(3.) MR . B.B. Naik, learned counsel for the Revenue, very fairly stated that the view taken in the decision of the Calcutta High Court has also been taken by various other High Courts in the following cases :