JASWANT RAI Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) THE following questions of law have been referred to us for opinion by the Income-tax Appellate Tribunal, Chandigarh Bench :

(2.) THE assessee was the owner of 1/3rd share of the property in dispute which he valued at Rs. 73,333 on the basis of the certificate given by an estate valuer appointed by the Government of India. The said valuer had in his certificate mentioned that the property concerned was situate in Harkishan-pura behind Gill Road and was connected to Gill Road by a lane. He further mentioned that the locality was not very important from business angle.

(3.) IN this reference, the learned counsel has submitted that if the value determined on the basis of the land and building method is more favourable to the assessee, the method of determining the value of the property on the basis of its annual letting value should not be accepted. It was further submitted that in the case of Ranjit Kumar who is a co-sharer and holds l/3rd share of the property in question the Wealth-tax Officer, vide his assessment order dated January 7, 1975, has accepted the value of l/3rd share as Rs. 73,333 and that a different yardstick should not be adopted in case of the present assessee.