1995 (11) TMI 114 - AT - Wealth-tax

Summary

Issues: Valuation of surplus land under Urban Land Ceiling Act.

The judgment pertains to the valuation of surplus land under the Urban Land Ceiling Act. The assessee, a Public Limited Company, possessed open land in an Industrial Area. The valuation of the land was referred to the Valuation Officer, who determined its value for various years. The Assessing Officer completed assessments based on these valuations. The CWT (Appeals) upheld the Assessing Officer's decision, considering the location, area, and relevant facts. The assessee argued that the surplus land subject to the Urban Land Ceiling Act should be valued based on compensation entitlement under the Act, citing relevant case law. The DR supported the lower authorities' orders, referring to decisions by other High Courts. The Tribunal noted the absence of contrary views and relied on the Calcutta High Court decision, emphasizing valuation based on compensation under the Act. The Tribunal distinguished the other High Court decisions cited by the DR, directing the Assessing Officer to value the surplus land at Rs. 4 per sq. mtr, in line with the compensation entitlement under the Urban Land Ceiling Act.

In conclusion, the Tribunal allowed the appeals in part, directing the valuation of the surplus land under the Land Ceiling Act based on the compensation entitlement specified in the Act.