9911796707
TMI Blog1993 (5) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Appellate Tribunal referred questions of law along with the statement of case to this court. At the instance of the Revenue, the following question of law was referred: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the agricultural lands of the assessee were covered by the expression 'business premises' as defined in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd of the assessee was acquired under the provisions of the Land Acquisition Act. On the basis of the award given by the Land Acquisition Collector, fixing the market value of the acquired land at the rate of Rs. 9 per square yard, the assets of the assessee were so determined. One of the questions referred was regarding treating the agricultural land so valued as "business premises" and thus exem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Baldev Inder Singh [1993] 203 ITR 837), by a Division Bench of this court against the assessee. For the reasons recorded therein, we also answer the question in the affirmative against the assessee. With respect to question No. 1 raised at the instance of the assessee, as reproduced above, counsel for the assessee argued on the basis of the relevant date for determining the value of the premise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be pending agains the order of the Land Acquisition Collector, the question would arise either in rectification proceedings or in assessment proceedings for the year for treating the enhanced compensation amount as wealth and as to whether any discount is to be allowed or not. At this stage, as far as the assessment year 1974-75 is concerned, fixing the value of the assets at the rate of Rs. 9 p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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