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TMI Blog2002 (8) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... ustified in confirming the valuation made by the Department in so far as it relates to the inclusion of reversionary value of the superstructure?" - It is apparent that the confusion that has crept in the orders of the Assessing Officer, is on account of the reliance placed on the valuation report which concerned the value of the interest of the lessor of the land, who would, at the end of the ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersionary value of the superstructure? "The assessment years are 1983-84 to 1985-86. The assessee, along with others is a joint lessee of a valuable piece of land at Nos. 190 to 192, Mount Road, Madras. The terms of the lease are set out in lease deed dated November 16, 1978. Clause 3 of the document empowers the joint lessees to put up a building at their cost and in accordance with the sanctio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey are the owners of the building and they are to pay wealth-tax. Their interest in the building as such owners has to be ascertained by adopting a suitable method of valuation. The method chosen by the valuer is rental capitalisation method. The values relevant for that method are the rentals received by the assessee and the period for which the capitalisation is to be done. The question of addin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect this valuation. It is apparent that the confusion that has crept in the orders of the Assessing Officer, is on account of the reliance placed on the valuation report which concerned the value of the interest of the lessor of the land, who would, at the end of the term of the lease, become entitled to ownership of the superstructure. That approach to valuation was wholly irrelevant so far as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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