K K SESHAIYER Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE statement of the case together with the question referred to us has been submitted by the Tribunal pursuant to the order of this court dated March 6, 1985, in T. C. P. No. 427 of 1984. THE matter arises out of the assessment of the applicant under the Income-tax Act, 1961, for the assessment year 1978-79.

(2.) THE question referred to us is as to whether, on the facts and in the circumstances of the case, the Tribunal was right to ignore the valuation of the house property submitted by the assessee at Rs. 2,16,586 and instead adopt a sum of Rs. 2,48,000 as the valuation of the property ?