B.P. Jeevan Reddy, C.J. - (1.) BY this application under Section 256(2) of the Income-tax Act, 1961, the assessee is requesting this court to direct the Tribunal to state the following five questions : "(a) Whether, on the facts and circumstances of the case, the Tribunal is legally justified in reversing the order of the Appellate Assistant Commissioner and restoring the order of the Income-tax Officer estimating the value of the property in dispute at Rs. 28,000 as against the disclosed value at Rs. 1,50,000? (b) Was there valid reason for the Tribunal to accept the Income-tax Officer's working on valuation reversing thereby the working of the Appellate Assistant Commissioner ? (c) Whether the Tribunal was justified in adopting the valuation contrary to the approved valuer's report of the fair market value as on January 1, 1964, for the purpose of working out capital gains ? (d) Whether, under the income-tax scheme of capita] gains, as provided-under Section 55A of the Income-tax Act, the Income-tax Officer can differ from the approved valuer's report without referring the matter to the Valuation Officer ? (e) Whether there was any justification in valuing the properties at Rs. 28,000 by the Income-tax Officer against the disclosed valuation of Rs. 1,50,000 the fair market value ?"
(2.) THE main controversy relates to the determination of the value of the asset as on January 1, 1964 (the question arose in the matter of determining the capital gains). THE assessee stated a particular valuation as on the said date supported by the report of a registered valuer. THE Income-tax Officer did not accept the same. Though the Income-tax Officer's order was reversed in appeal by the Appellate Assistant Commissioner, the Income-tax Officer's order was restored in appeal by the Tribunal. THE Tribunal was impressed by the fact that, even according to the assessee, the property was valued at Rs. 1,50,000 in 1977 and if so, it cannot have the same, value on January 1, 1964. It cannot be said that the finding of the Tribunal is based on no evidence. THE income-tax reference application is, accordingly, dismissed with no order as to costs. We also may clarify that this is not a case in which a reference was made under Section 55A of the Act.;