Supreme Court of India
Amrit Banaspati Co. Ltd. v. Commissioner of Wealth-tax, Ghaziabad
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that the D AO was justified in holding that it was not practicable to apply Rule 3 in the instant case and rightly referred the matter to the Valuation Officer under Section 16A for determination of value of the asset.
Judgment, page 23
From the headnote
Wealth Tax Act, 1957 - Schedule Ill, Rules 8, 20, 3 to 7 - Valuation of residential flat - Wide variation between alleged market value as determined by the Departmental Valuation Officer ulr 20 and the value as disclosed by the assessee in the return filed on self assessment as per Rule 3 to 7 - Assessment Officer holding that due to wide variation, not practicable to value property as per Rule 3 to 7, hence r. (a) attracted - Said order upheld by Commissioner of Wealth :r:ax, tribunal as also High Court - On appeal, held: If in the opinion of AO, the value. determined by tax payer on the
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