COMMISSIONER OF WEALTH TAX Vs. GAJENDRA SINGH JHALA

JUDGEMENT

(1.) THESE nine appeals arise out of the common judgment of the learned Tribunal dt. 1st Nov., 2004, they relate to the same assessee, and relate to different assessment years only, consequently they are being decided by this common order. The appeals were admitted by framing the following substantial question of law: Whether on the facts and in the circumstances of the case, the Tribunal is Justified in law in upholding the finding of the learned CWT(A) disturbing the valuation of the open land as determined by the DVO/AO ignoring the fact that the assessee has failed to produce any evidence and even the lease deed of the property?

(2.) THE necessary brief facts of the case are, that the assessee was owner of the property, known as Jaswant Mahal, constructed on a freehold plot measuring 31000 sq. ft. at Sukhadia Circle, Udaipur. The land was acquired on 24th July, 1948, and building was constructed in the year 1961, it was let out in the year 1963 to the defence services on monthly rent of Rs. 425, and continued to remain in tenancy till February 1983. According to the assessee, thereafter, it was owned and possessed by the assessee, and was sold in 1990 along with land, for Rs. 39 lakhs. The assessee applied for clearance under Section 234A (sic -230A). Since it was found that assessee did not file returns of wealth -tax, notices were issued by the AO under Section 17, for the asst. yrs. 1980 -81 to 1989 -90, by estimating the value of the property for respective assessment years, on the basis of sale price of Rs. 39 lakhs. The AO also referred the matter, for assessment of fair market value, to the Valuation Cell, which also assessed the property for the respective assessment years. Since the old building had been demolished by the time of undertaking valuation. valuation of the building was made on the basis of valuation done by the Land and Building Tax Department as on 1st April, 1973, with prescribed increase. The AO, accordingly, made assessment for different years, assessing the value of the total property in 1981 at Rs. 35,17,568, with gradual increase raising to Rs. 90,37,884 in the year 1989 -90.

(3.) AGAINST this order, appeals were filed by the Revenue, which were allowed vide order dt. 19th Dec., 2001, whereby the order of learned CWT(A) was set aside, and the matter was restored to the learned CWT(A), for deciding the matter afresh in accordance with law.