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C.W.T. Agra v. Sri Gopal Prasad Seksaria - WEALTH TAX REFERENCE No. 100 of 1988 [2004] RD-AH 1503 (24 November 2004)


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Court  No.37

Wealth Tax Reference No.100 of 1988

The Commissioner of Wealth Tax Vs. Shri Gopal Prasad Seksaria.

Hon'ble  R.K. Agrawal, J

Hon'ble P. Krishna, J

The Wealth Tax Appellate Tribunal, Delhi  has referred the following two  questions of law under section  27 (3) of the Wealth Tax Act 1957 (hereinafter referred to as the Act)  for opinion to this Court:-

1. "Whether on the facts and circumstances of the case the Tribunal was legally correct in holding that the reversionary value of the land should not be taken into consideration while valuing the property by adopting rent capitalization method?

2. Whether on the facts and in the circumstances of the case, the decision of the Hon'ble Calcutta High Court reported in 116 ITR 26 and 125 ITR 687 are applicable in the instant case?"

The present reference relates to the assessment year 1977-78 to 1981-82. The respondent owns certain immovable properties whose  valuation was determined as per valuation report  of the Valuation Cell of the Department. It included the reversionary value of the land. In appeal the Appellate Assistant Commissioner had accepted the contention of the respondent that while valuing the properties on the basis of rent capitalization method the reversionary value of the land cannot be taken into consideration which order has been upheld by the Tribunal.

We have heard Shri A.N. Mahajan, the learned standing counsel for the Revenue. We find that the controversy involved in the present reference is squarely covered decision of this Court in the case of  Commissioner of  Wealth Tax vs. Shri Ram Sharan Kejariwal  168 ITR 485. This Court has held that where the properties have been valued by adopting rent capitalization method, the reversionary value of the land cannot be taken into consideration.

Respectfully following the aforesaid decision we answer the questions referred to us in affirmative i.e. in favour of the assessee and against the Revenue. However, there shall be no order as to costs.




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