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TMI Blog1979 (5) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... or the year 76-77 (valuation date 31st March, 1976) the assessee valued the above 14 cents of vacant site at Rs. 1,740 per cent. The WTO, however, estimated the value of the above land by applying a rate of Rs. 3,000 per cent. On appeal, the AAC of wealth-tax confirmed the estimate of the WTO. The assessee has come on appeal before us aggrieved by the above orders of the AAC. 3. We heard the lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deed of partition, dt. 10th March, 1972, in which the above 14 cents of land was valued at Rs. 36,530 stated to be on the basis of guideline valuation. He further submitted that having regard to the efflux of time from10th March, 1972 till 31st March, 1976, the rate of Rs. 3,000 adopted by the authorities below for the above land is quite reasonable. In regard to the urban land tax valuation, he p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the land even on the basis of the guideline valuation. It is also true that the valuation made by the urban land tax authorities was based on the valuation prevailing on 1st June, 1971. The increase in the value of open sites over a period of nearly five years has also to be borne in mind. Keeping all the above circumstances in view, we are of opinion that it would be reasonable to adopt a va ..... X X X X Extracts X X X X X X X X Extracts X X X X
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