COMMISSIONER OF WEALTH TAX Vs. RAM NARAIN GARG

JUDGEMENT

(1.) AT the instance of the CWT, Kanpur, as many as 7 References have been made by the IT Tribunal seeking our opinion on a common question; whether or not reversionary value can be added to the value of the building arrived at rent capitalisation method.

(2.) WHEREAS , the WTO was of the view that the reversionary value was to be added, the Tribunal took a contrary view that the reversionary value was not to be added.

(3.) THE question whether or not reversionary value is to be added to the value of the building arrived at by having followed the rent capitalisation method, is not res integro. So far as this Court is concerned, a similar question came up for hearing before this Court very recently in CWT, Kanpur vs. Ram Saran Kajriwal (1987) 64 CTR (All) 32 : (1987) 168 ITR 485 (All) and then this Court took the view that the reversionary value will not be added to the value of the building determined on rent capitalisation method.