COMMISSIONER OF WEALTH TAX Vs. HASMUKHLAL GANDALAL

JUDGEMENT

(1.) AT the instance of the Revenue, the following question of law has been referred to this Court for its opinion by the Tribunal, Ahmedabad Bench 'B' under the provisions of Section 27(1) of the WT Act, 1957 (hereinafter referred to as 'the Act') :

(2.) STANDING counsel Ms. Mauna Bhatt has appeared for the applicant Revenue, whereas nobody has appeared for the respondent -assessee, though the respondent -assessee has been duly served with the notice of this Court.

(3.) THE assessee filed his wealth -tax return showing value of his property named Geeta Talkies as Rs. 3,36,485. During the course of the assessment proceedings, the WTO asked the assessee to get the said property valued by an approved valuer and, therefore, the assessee got the said property valued by an approved valuer. Before the assessment was completed, the assessee filed a revised return on the basis of the valuation arrived at by the approved valuer stating that the value of the property was Rs. 6,87,750.