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CWT v. Shri Kishan Chand Garg - WEALTH TAX REFERENCE No. 167 of 1987 [2004] RD-AH 1752 (20 December 2004)


This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).


Court No. 37

W.T.R. No.167 of  1987

[ R.A.No.171 (Alld) of 1987,


(Asst.Year : 1979-80)]

1. The Commissioner of Wealth-tax  Vs. Shri Kishan Chand Garg.

[ R.A.No.172 (Alld) of 1987,


(Asst.Year : 1979-80)]

2. The Commissioner of Wealth-tax  Vs. Shri Dinesh Kumar Garg.

[ R.A.No.173 (Alld) of 1987,


(Asst.Year : 1979-80)]

3. The Commissioner of Wealth-tax  Vs. Smt. Shakuntala Devi.

[ R.A.No.174 (Alld) of 1987,


(Asst.Year : 1979-80)]

4. The Commissioner of Wealth-tax  Vs. Shri Sudhir Kumar Garg.

[ R.A.No.175 (Alld) of 1987,


(Asst.Year : 1979-80)]

5. The Commissioner of Wealth-tax  Vs. Shri Raj Kishori Devi Garg.

[ R.A.No.176 (Alld) of 1987,


(Asst.Year : 1979-80)]

6. The Commissioner of Wealth-tax  Vs. Shri Santosh Kumar Garg.

Hon'ble R.K. Agrawal, J.

Hon'ble Prakash Krishna, J.

The Income Tax Appellate Tribunal Allahabad has referred the following question of law  under section 27 (1) of the Wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court :-

"Whether  on the facts and in the circumstances of the case, the Income -tax Appellate  Tribunal was legally justified  in  holding  that the reversionary value of land could not be included while valuing the immovable property by income capitalization method?"

The reference relates to the assessment year 1979-80.

 We have heard Shri Sambhu Chopra, the learned standing counsel for the Revenue. Nobody has appeared on behalf of the respondent assessee.

In view of the decision of this Court in  168 I.T.R. 485 Commissioner of Wealth Tax Vs. Shri Ram Saran Kejriwal  the reversionary value of land cannot be included while valuing the immovable property by income capitalization method.

Respectfully following the aforesaid decision we answer the question of  law 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.

Dt. 20.12.2004



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