(1.) THIS is an application under Section 27(3) of the Wealth-tax Act, 1957, calling for the statement of the case from the Appellate Tribunal, Indore Bench, Indore.
(2.) THE order in this case will also govern the disposal of other connected Miscellaneous Cases Nos. 131, 132, 133, 134, 146, 147, 148, 149 and 150 of 1988, as they involve a common question of law arising between the same parties, the only difference being that they relate to different assessment years.
(3.) AGGRIEVED by this order, the assessee filed appeals before the Commissioner of Income-tax. A decision of this court in M. V. Kibe's case [1987] 168 ITR 82, held that the discretion and the decision by the Wealth-tax Officer in the matter following the Valuation Officer's report is entirely his and cannot be dictated by the appellate authority. In that view of the matter, the Commissioner was not correct in concluding that the Wealth-tax Officer was duty bound to accept the Valuation Officer's report The Income-tax Appellate Tribunal gave a clear finding that Section 16A of the Act was not applicable in this case and the Wealth-tax Officer was not bound to make assessment in "conformity with the report of the Valuation Officer. Thus, the Tribunal quashed the order passed by the Commissioner.