Judgment: 1. These five appeals by the revenue relating to the consecutive assessment years 1970-71 to 1974-75 arising out of the combined order of the Commissioner (Appeals) involve common contentions and are disposed of by a common order.
2 & 3. [Paras 2 and 3 are not printed here as they involve only minor issues.] 4. The last ground of appeal which is only for the assessment year 1972-73 is that the Commissioner (Appeals) has erred in holding that it would be reasonable to adopt the value of "Woodland" flat, Bombay, at Rs. 2,66,000 for the assessment year 1971-72. This property was purchased by the assessee on 1-6-1970 for Rs. 2,28,000. The Commissioner (Appeals) has fixed the value of this property as on 31-3-1971 relevant to the assessment year 1971-72 at Rs. 2,66,000. This value was as per the report of the departmental valuer. For the assessment year 1972-73, the WTO has adopted its value at Rs. 2,87,000 on the basis of the report of the Variation Officer. On appeal, the Commissioner (Appeals) has reduced its value to Rs. 2,66,000 as was determined by him for the assessment year 1971-72. The revenue is aggrieved against the value fixed by the Commissioner (Appeals). The learned departmental representative has relied upon the order of the WTO. The learned counsel of the assessee, on the other hand, has relied upon the order of the Commissioner (Appeals) and has further submitted that in view of the Board's circular, the value once declared should not be disturbed for the next 2 years unless there were extenuating circumstances to disturb the same. He submitted that no such circumstances have been pointed out by the WTO and, therefore, the order of the Commissioner (Appeals) deserves to be sustained. We are in agreement with the learned counsel of the assessee. In view of the Board's circular the value fixed at Rs. 2,66,000 by the Commissioner (Appeals), in our opinion, is reasonable and no interference with his order is called for.