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TMI Blog2006 (1) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Act?" – Held that Tribunal was right in holding that the immovable property subject to urban land ceiling laws should only be valued as per the compensation payable under the Urban Land Ceiling Act - - - - - Dated:- 30-1-2006 - Judge(s) : P. D. DINAKARAN., P. P. S. JANARTHANA RAJA. JUDGMENT The judgment of the court was delivered by P.D. Dinakaran J. - The tax case appeals Nos. 1452 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal's order for earlier years directed the Assessing Officer to redo the assessment as per the Income-tax Appellate Tribunal's directions for the earlier years. On further appeal by the Revenue before the Income-tax Appellate Tribunal, the Tribunal dismissed the appeal holding that the property should be valued as per the compensation payable under the Tamil Nadu Urban Land (Ceiling and R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m that actually owned by the assessees. Consequently, such lands would have to be valued only after taking note of the restrictions and prohibitions, which would have the effect of depressing its value. Hence, the valuation on the basis of compensation receivable under the Tamil Nadu Land Reforms (Fixation of Ceiling on Land) Act, 1961, was justified." In the case of CIT v. R. Padmavathy Ammal [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Temple [2003] 264 ITR 517 held as under: "Whenever there is any restriction on the transfer of any land, it is a matter of common knowledge that the value of the property or land, as the case may be, would be normally reduced. In the instant case, it was not open to the assessee to sell the land and, therefore, the value of the land in question cannot be more than what the Government was to offe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the very same issue involved in these appeals. It is also relevant to point out that the special leave petitions filed by the Revenue before the apex court was also dismissed on April 2, 2004, in S.L.P. (C) Nos. 7288-89 of 2004. In view of the above settled law, we are of the considered view that the Appellate Tribunal was right in holding that the immovable property subject to urban land ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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