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TMI Blog1987 (7) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... d with which the assessee has no dispute. The dispute, according to Mr. Ranka, is in the adoption of the land rate of Rs. 150 per sq. mt. basing on auction of two plots of 399.9 sq. mts. considering that the size of the assessee's plot being nearly four times the auctioned plot, the value adopted cannot be said to be proper, for the reason that there are large number of takers as compared to the large size of the plots. He further submitted that the assessee had returned the value at 60 rupees per sq.mt. The rate as per the Land and Building Tax Department is valuation. Since there being no exactly comparable cases available, the Tribunal was adopting of general increase of 10 per cent over successive years on which basis also the land rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... @ Rs. 105 per sq. mt. cannot be said to be excessive at (All). 4. On this issue, our considered view is that there is a considerable merit in the arguments advanced by the assessee's counsel, Mr. Ranka. The rate of Rs. 105 per sq. mt. adopted on the basis of open land auction of the size of 399.9 sq.mt. is not correct not only for the reason that the size of the plot is too small as compared to that of the assessee but also for the reason that auctioned plot was open land without any construction thereon while the assessee's plot has the encumbrance on it, namely, the property constructed on it. Therefore, basing on the Land and Building Tax Department's rate of 60 rupees per sq. mt. and considering the aspect of appreciation in the land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad allowed exemption treating them as agricultural lands but, however, in the third year, i.e. 1980-81, he did not allow the exemption as agricultural land in respect of Sahajpura land as in that year no agricultural income was shown. The value of the land near Clarks Amber Hotel was taken by him at Rs. 1,31,940. The ld. AAC enhanced the value to Rs. 96,000. Rs. 1,25,000 and Rs. 1,60,000 for the three assessment years in question for both the lands. The plea of Mr. Ranka that in respect of Sahajpura, the AAC was not justified in enhancing the value in the absence of any comparable sale instance and should have limited himself to 10 per cent increase in the value which have been taken into account by the WTO. In respect of asst. yr. 1980-81, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in-charge (Court of Wards), Paigah 1976 CTR (SC) 404: (1976) 105 ITR 133 (SC) and submitted that the nature of the land cannot be determined from the Revenue records, but from the actual activity carried on by the assessee. In the instant case, in the asst. yr. 1980-81, no income has been shown by the assessee in respect of agricultural land and, therefore, the land cannot be said to be agricultural land at all. As regards valuation, he submitted that the value adopted by the AAC was reasonable. As regards the land near Clarks Amber Hotel, he submitted that the value as per AAC was reasonable. 7. We have given very careful consideration on this issue to the arguments advanced by the parties and also the material that has been placed on re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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