J C TALWAR Vs. WEALTH-TAX OFFICER

JUDGEMENT

(1.) These appeal are taken together as one of the grounds of appeal is common in all of them and, for the sake of convenience, these are disposed of by this common order.

(2.) The controversy which is common in respect of all the years is with regard to the valuation of the property situated at B-34, Greater Kailash, New Delhi. Up to the assessment year 1968-69, the said property was under the personal occupation of the assessee. Thereafter, one floor of it has been let out. The contention of the assessee before us is that the said property should be valued both by land and building method, but by applying the yield method. In support of it, he has relied upon the decision of the Honble Calcutta High Court the case of Sudesh Chandra Talwar dated 5-3-1981 in Matter Nos. 670, 671, 657, 656, 655 and 672 of 1977 (a copy of the unreported judgement has been placed on record).

(3.) On behalf of the revenue, the above submission was resisted and it was pointed out that no principle of valuation could dictate taking up of valuation at an unrealistic figure and that could be no better evidence of the value of a certain property than the sale price of the property itself. According to the learned departmental representative, the property under consideration came to be sold in January 1976 for Rs. 6,50,000 and, therefore, if the value of the property is worked back for January 1976, the valuations adopted and sustained by the learned AAC and detailed as below, would not be found to be unrealistic :