P D SINGHANIA Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) AT the instance of the assessee, the Tribunal has referred for our opinion the following questions :

(2.) THE questions relate to valuation of the house property No. 113/8, Swaroop Nagar, Kanpur. This house was used by the assessee, P.D. Singhania, as his residential house. In wealth-tax proceedings the assessee declared the fair market price of the house at Rs. 65,555 as on the preceding valuation dates. This valuation was not accepted by the WTO who enhanced it to some extent for the year 1961-62, though he accepted the assessee's valuation for the years 1964-65 and 1965-66. THE assessee went up in appeal. It appeared to the AAC that the valuation fixed by the WTO was grossly under-valued. He, therefore, issued a notice for enhancement under Sub-section (5) of Section 23 of the W.T. Act. THEreafter, hearing the assessee, the AAC enhanced the valuation and fixed it at Rs. 4,00,000. Being aggrieved by the decision of the AAC, the assessee went up in appeal before the Tribunal. THE Tribunal considered it proper to refer the question of the disputed value to the arbitration of two valuers, as provided by Section 24(6)(a) of the Act. THE two valuers gave a unanimous valuation report fixing the valuation of the said property at Rs. 1,40,000 on the relevant valuation date.

(3.) APART from the above, the learned counsel for the assessee could not suggest any ground on which the judgment of the Tribunal determining the valuation of the house at Rs. 1,40,000 could be said to. be illegal or incorrect.