9911796707
TMI Blog1984 (1) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... nk guarantee for the same amount should be allowed as deduction from the net wealth. The Revenue has taken common grounds urging that the AAC erred in his decision and similar decision of the Tribunal in WTA Nos. 376 to 381 relating to the asst. yrs. 1970-71 to 1976-77 were not accepted by the Department and a reference application has been filed. 2. Briefly, the facts of the case are that certain land is Koyambedu village, Saidapet Taluk of Cingleput District were acquired by the Land Acquisition officer for the West Madras Neighbourhood Scheme sponsored by the State Housing Board. The land Acquisition Officer awarded Rs. 2,53,939 and on revision application the Sub-Court, Chingleput enhanced the compensation by Rs. 26,898. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... net wealth or the reduce the net wealth for these years for the liability by way of guarantee given by the bank. It is against this direction, the Revenue is in appeal before the Tribunal. 5. The ld. counsel for the assessee as well as the ld. Departmental Representative have been heard. While the ld. counsel for the assessee supported the orders of the AAC, the ld. Departmental Representative supported the grounds taken by the Revenue. We have duly considered the rival contention sand the orders of the authorities. the outset we have to observe that similar decision of the Tribunal for the asst. yrs. 1970-71 to 1976-77 was subject matter of reference to the Madras High Court and the Madras High Court in its judgment dt 30th Aug. 1983 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earlier, the Madras High Court had directed the Tribunal to decide that matter in accordance with the ratio of the Supreme Court cited and give an opportunity to the Revenue to evaluate the right to get compensation. The same direction, in our opinion, would be relevant and applicable for these years also as the issue is common for these years also, Since the additional compensation award by the High Court was disputed by the State Government before the Supreme Court and the additional compensation awarded by the High Court was allowed to be withdrawn only on furnishing a bank guarantee for the equal amount, the estimated value of the right to receive compensation, according to the ratio of the Supreme Court, cannot be the seam as the compe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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