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TMI Blog2002 (11) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... , in law and on facts, only 1,000 sq. mtr. was required to be valued at the rate adopted by the Wealth-tax Officer but 10,090 sq. mtr. was required to be valued at the rate of Rs. 10 per sq. yd. ? - 3. Whether, in law and on facts, the value of Rs. 7,87,658 for the assessment year 1979-80 and Rs. 9,17,638 for the assessment years 1980-81 and 1981-82 adopted by the Commissioner of Wealth-tax (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Wealth-tax Officer but 10,090 sq. mtr. was required to be valued at the rate of Rs. 10 per sq. yd. ? 3. Whether, in law and on facts, the value of Rs. 7,87,658 for the assessment year 1979-80 and Rs. 9,17,638 for the assessment years 1980-81 and 1981-82 adopted by the Commissioner of Wealth-tax (Appeals) is correct ?" Shri M. R. Bhatt, senior standing counsel for the Central Government, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of the Ceiling Act, it was not open to the assessee to sell the land in question to anyone, and according to the provisions of the Ceiling Act, the assessee was to get Rs. 10 per sq. yd. from the Government and, therefore, the land in question ought to have been valued at the rate of Rs. 10 per sq. yd. Being aggrieved by the assessment order, the assessee had filed an appeal before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t with the submissions made by learned standing counsel for the reason that the land, which was the subject-matter of the assessment, could not have been valued beyond Rs. 10 per sq. yd. because the said land could not have been sold by the assessee in the open market. According to the provisions of the Ceiling Act, the assessee was to receive only a sum of Rs. 10 per sq. yd. in respect of the lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, 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 offer to the assessee under the provisions of the Ceiling Act. In view of the facts stated hereinabove, we are in agreement with the view expressed by the Tribunal and, therefore, we answer all the questions in the affirmative, i.e., in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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