9911796707
TMI Blog2003 (4) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... proper reasoning and taking all the factors in view." 3. The facts involved in all the assessment years are common but for deciding these appeals, we are taking the facts for asst. yr. 1986-87. The facts of the case are that the assessee declared the value of property at Narasu Nagar, Madras, at Rs. 2,47,170. The AO referred the valuation to the valuation cell. The District Valuation Officer has valued the property at Rs. 15,04,33,000. The AO framed the wealth-tax assessment taking the value of the property at Rs. 15,04,33,000. 4. The assessee went in appeal before the CWT(A). Before the CWT(A), the assessee submitted that the property was let out at a monthly rent of Rs. 2,500 to M/s Southern Bottlers (P) Ltd. in 1965 and a small por ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Therefore, the DVO rejected the contention of the assessee that it has to be valued on the basis of compensation payable under the TNULC Act, 1978. The assessee further contended that as per Madras Municipal bye-laws when such large piece of land is bifurcated, 10 per cent of the area is to be gifted to Madras Development Authority which in this case, comes to 9.953 sq.m., and after taking out the building area and appurtenant land thereto, remaining land comes to 70,274.50 sq. m. Before the CWT(A) it was vehemently contended that the valuation of land has not been done according to settled principles under the law on this point. 5. CWT(A), after considering the submissions of the assessee, allowed a relief of 15 per cent in the valua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation and the sale instances relied upon in the report relevant to that year and to this year are the same. His submissions during the appellate proceedings for the asst. yr. 1984-85 have duly been considered. The DVO has relied upon the sale instance of Door No. 115, Mound Road, 9.80 grads and Door No. 96, Mound Road, Guindy, 19.443 grads. The area in which the appellant's land has frontage of 800 sq.m. on the Mound Road, the sale transactions are dt. 8th June, 1984 and 23rd Feb., 1985, i.e., near to the valuation date. The area involved is 9.80 and 19.443 grads, and the land rate worked out by the DVO on the basis of these two sale transactions is Rs. 3,44,000 for the front and Rs. 2,58,000 for the rear portion; while arriving at this rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and area had to be gifted to the municipal corporation, the same has been taken care of as the DVO has given weightage of 10 per cent on account of large size and another 15 per cent on the restrictions placed by the TNULC Act, 1978. No interference on this account is called for. While adopting fair market value of the land, the DVO has worked out the fair market value of the land at Rs. 14,95,66,620 and 15 per cent thereof comes to Rs. 2,24,35,293. The appellant thus gets relief of Rs. 2,24,35,293." 8. Learned Departmental Representative could not bring any cogent material or evidence which may warrant our interference in the order of CWT(A) and which may prove that the factual finding given by the CWT(A) that sale instances relied upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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