The Assessing Officer, enhanced the declared value of the three properties of the respondent- assessee, which order was challenged by him, before the C.I.T. (Appeals) and certain reductions were made by the appellate forum. The order when challenged by the appellant before the Income Tax Tribunal, has been affirmed. The questions raised in this case are, whether in the facts and circumstances of the case, the learned Tribunal was justified to confirm reduction in valuation of the house; the shop and the land and building of the assessee?
2. The C.I.T. (Appeals), while reducing the value of the house and the shop has validly reasoned, that for the last year the value of these two properties was reduced, and since then no change has occurred, warranting the increase. For the land and building of Riaz Engineering Works, it has been held that for the previous assessm ent year, the asset was assessed at Rs. 25,84,000/-, but in appeal it has been reduced to Rs. 17,50,000/- and again no change has occurred on account of which the value should have been increased. This order, as mentioned above, has been affirmed by the Appellate Tribunal, and the learned counsel for the appellant has not been able to show, that the basis, on which the reduction has been made by the C.I.T. (Appeals) and affirmed by the Tribunal, is either illegal or unlawful. Obviously, when for the previous years, the value of the properties was assessed for a particular amount and no change since then has taken place, the Assessing Officer was wrong in enhancing the value, and the same value should have been adopted. This error rightly has been corrected by the C.I.T. (Appeals), which is affirmed by the Tribunal. The questions are thus, accordingly answered.