9911796707
TMI Blog2003 (3) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... ling and Regulation) Act, 1978, and not at market rate? - The entire extent of land at Mylapore being part of the area which has been exempted under the provisions of the Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978, as rightly held by the Tribunal, has to be valued based on the rate of compensation payable under the Act and not by adopting the market rate. - Question is, therefore, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of land viz., 2,000 sq. mts. which is held by the assessee as a freehold land and not subject to any proceedings initiated by the urban land authorities, the value of land should be determined at the rate of compensation payable by the Government and not at the market rate? The assessment years are 1989-90 and 1990-91. The order of the Tribunal does not set out any details. The Tribunal has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apore, it was held by the Tribunal in its order for the assessment years 1984-85 to 1988-89, is part of 47,562 sq. mts. For which exemption had been granted by the State Government subject to certain conditions. The valuation of that land, as laid down by this court in the case of CWT v. K.S. Ranganatha Mudaliar [1984] 150 ITR 619, was required to be made based on the compensation receivable under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the Tribunal was rendered only several months after the disposal of the appeal by the Commissioner, the Commissioner having decided the appeal on January 31, 1992. In the appeal preferred against that order of the Commissioner, the Tribunal for these assessment years followed its orders for the earlier assessment years 1984-85 to 1988-89. Though the questions referred to us have been r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
