V S SHANMUGAM Vs. WEALTH-TAX OFFICER

JUDGEMENT

(1.) These are two appeals by assessee Shri V. S. Shanmugam, which relates to the assessment years 1982-83 and 1983-84 and arise out of wealth-tax proceedings. The relevant valuation dates are 31-12-1981 and 31-12-1982.

(2.) Shri V. S. Shanmugam had two brothers, S/Shri V. S. Chinnaswamy and V. S. Kulandaivel. The valuation which is in dispute before us is the 1/3rd share of the assessee in a property situated at Devanga High School Road, Coimbatore. In the case of both Chinnaswamy and Kulandaivel, there was an Inspectors report on the basis of which the aggregate value of the property was taken at Rs. 16,65,801 or the 1/3rd share came to Rs. 5,55,267. Chinnaswamy and Kulandaivel both preferred appeals and in one case the A. A. C. and in the order case the C. I. T. (A) stated that the value of Rs. 5,000 per cent should be taken and this gave an effective value of Rs. 5,18,734 as the 1/3rd share which would have given an aggregate value of Rs. 15,56,202. Neither Chinnaswamy nor Kulandaivel preferred further appeals.

(3.) In the assessees case, for the assessment year 1982-83, the 1/3rd share was taken at Rs. 5,55,267 and this value was repeated for the assessment year 1983-84 also. In the further appeal, it was contended before the C. I. T. (A) amongst other arguments that only the sale value of the property subsequently sold should have been adopted for wealth-tax purposes (This is seen from paragraph 4 of the statement of facts for the assessment year 1982-83 and reiterated in paragraph 5). The C. I. T. (A), however, Rs. 5,55,267 to be scaled down to Rs. 5,18,734 to be taken stating that in the case of the other two co-owners, this was the value taken and the ratio of the judgment of the Punjab and Haryana High Court in the case of Jaswant Rai v. CWT was to the effect that the value adopted for a property in the case of one co-owner should be adopted for the other co-owners also.