Judgment :

Sudhansu Jyoti Mukhopadhaya, J.

1. This appeal is directed against judgment dated 8th March, 2002 passed by the High Court of Judicature at Allahabad in Wealth Tax Appeal No.374 of 2000 filed by the appellant-assessee. By the impugned judgment, the High Court upheld the order dated 12th June, 2000 passed by the Income Tax Appellate Tribunal, New Delhi (hereinafter referred to as the, `ITAT').

2. The dispute relates to wealth-tax return of appellant-assessee for the Assessment Year 1993,94. The assessee filed its return of taxable wealth at Rs.1,31,76,000/- against which the assessment was completed at net wealth of Rs.3,90,93,800/-. The dispute is about the valuation of the property in question being a residential flat situated in Worli, Bombay which is owned by the assessee and used as Signature Not Verified a guest house. The immovable property was acquired by the assessee Digitally signed by Rajni Mukhi Date: 2014.08.01 16:02:15 IST Reason: before 1st April, 1974 and the assessee filed return on self assessment as per Rule 3 to 7 of Schedule III of the Wealth-Tax Act, 1957 (hereinafter referred to as the, `Act'). In the course of assessment proceedings, the Assessing