COMMISSIONER OF WEALTH TAX Vs. M D KANOI

JUDGEMENT

(1.) IN this reference under S. 27(3) of the WT Act, 1957 ('the Act') for the asst. yr. 1979-80 the following question of law has been referred to this Court :

(2.) ON further appeal before the Tribunal, it was contended on behalf of the assessee that r. 1 D was not mandatory. The counsel for the assessee stated that the High Courts as well as the Tribunal are divided on this issue. The assessee applied the value determined by the registered valuer. Once the principle had not been settled by the Supreme Court, it could not be said that the valuation made by the AO on the basis of the registered valuer's report was erroneous. Consequently, it was urged that the order of the CIT should be set aside. In support of the above, the counsel submitted copies of the orders of the Tribunal in WT Appeal No. 163(Cal) of 1986; WT Appeal Nos, 945 & 947 (Cal) of 1982, ; WT Appeal No. 1067 (Cal) of 1983; WT Appeal Nos. 1077 & 1078 (Cal) of 1983 and WT Appeal Nos. 458 and 459 (Cal) of 1985.

(3.) THE Tribunal after considering the rival submissions and after going through the materials placed before it gave its finding in para 5 of its order as under :