9911796707
TMI Blog1994 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... gglomeration, and, is governed by the provisions of the Urban Land (Ceiling Regulation) Act, 1976. It is similarly not disputed that except the land measuring 1500 sq. mtrs. the remaining land held by him has since been declared as excess land and is liable to be compulsorily acquired by the State Government under the provisions of the 1976 Act. On these facts, the learned CWT(A) has passed the following directions in the first appeal pertaining to the asst. yr. 1977-78 and further directed that the assessments for the remaining years shall be modified accordingly: "The value of the property under consideration will therefore be equal to the market value of the land, the appellant permitted to keep under the provision of s. 4 of Urban L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the learned Departmental Representative was challenged by the learned counsel for the assessee with the assistance of the decision of the Madras High Court in the case of CWT vs. K.S. Ranganatha Mudaliar Ors. (1984) 150 ITR 619 (Mad) and the decision of the Ahmedabad Bench of the Tribunal in the case of WTO vs. Smt. Lataben Sheth (1989) 35 TTJ (Ahd) 546. 5. We have considered the facts and circumstances of the case and studied the provisions of the Urban Land (Ceiling Regulation) Act, and the decisions of the Madras High Court and the Tribunal referred to above and find no hesitation in endorsing the view taken of the matter by the learned CWT(A). The assessee has claimed the factual position that the land is governed by the 1976 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dertakes and complete construction activity on the excess land and surrenders 10% of the construction to the State Government at a very low price that he would be in a position to retain the land and the construction made thereon. This is such a restriction and fetter which virtually denies the assessee of any such legally possible benefit. Moreover, in valuing a property for the purposes of wealth-tax, we have to take into consideration the state of the property as it existed on the valuation date. The remote possibilities which are hedged with serious restrictions, conditions or fetters cannot form proper basis for the valuation of such property. In the case before us, it is not claimed by the Revenue that the assessee has sought or got a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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