CONTROLLER OF ESTATE DUTY Vs. BIJOY KUMAR KHANDELWAL

JUDGEMENT

(1.) THIS is a reference under Section 64(1) of the Estate Duty Act, 1953.

(2.) THE following question of law has been referred:

(3.) WHEN the matter went before the Appellate Controller, he remanded the case to the Assistant Controller and on receipt of the remand order, he fixed the fair market value of the land at Rs. 19,000, value of super -structure at Rs. 1,35,086 and the value of the wooden structure at Rs. 16,287 and the total value at Rs. 1,70,000 in round figures. Against this order of the Appellate Controller, the accountable person preferred an appeal before the Tribunal and the Tribunal held that the Appellate Controller was not right in valuing the land and property on the disapproved method of valuing land and building separately and then adding up the both. For the reasons stated in the order, the Tribunal held that it saw no reason as to why the gross rental should not be adopted as fair in the instant case and, having so held, directed that the building property should be valued on rental basis, and further directed that the value fixed by the Appellate Controller should be substituted by the value arrived at on rental basis.