COMMISSIONER OF WEALTH TAX Vs. DILIP KUMAR SINGHANIA

JUDGEMENT

(1.) IN this reference under S. 27(1) of the WT Act, 1957 (for short, "the Act"), the following three questions have been referred by the Tribunal for opinion of this Court:

(2.) THE facts for the purpose of answering the above questions may be narrated as follows:

(3.) AGAINST that decision, the Revenue took up the matter by way of an appeal to the Tribunal contending, inter alia, that the AAC erred in taking the value of the property at Thana Road, Shillong, at Rs. 2,84,577 as against Rs. 12,85,100 taken in the assessment on the basis of the Departmental valuer's report. The contention of the Revenue before the Tribunal was that the value worked out by the Valuation Officer was proper as it reflected the market value of the property and that the rental method was not correct inasmuch as a part of the property had been given on rent to a close relative which was not the market rent.