PUKHRAJ RIKHABDASS Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE assessee has submitted an application under Section 27(3) of the Wealth-tax Act, 1957, raising the following question arising out of the order of the Tribunal in respect of the assessment year 1978-79 :

(2.) THE brief facts of the case are that there was a property which was given on rent to Messrs. N. P. Metal Works. THE said firm consisted of the assessee and his brother as partners. THE rent which was received from the property was not considered as adequate and was considered collusive. A suit was also pending in the court and, therefore, the valuer estimated the valuation of the property at Rs. 1,95,000. Half share of it was taken at Rs. 98,000. THE assessee submitted the return showing the valuation of the property at Rs. 75,000 which was subsequently reduced to Rs. 36,140. THE Income-tax Officer held that there was no change in the facts and circumstances of the case and, therefore, he adopted the valuation of the property at Rs. 98,000 as assessed earlier. THE appeal before the Appellate Assistant Commissioner was also rejected and the Income-tax Appellate Tribunal has held that the matter has already been considered by the Tribunal in which the same valuation was taken and as such there is no reason to take a different view. THE appeal was dismissed.

(3.) NO order as to costs.