9911796707
TMI Blog1986 (1) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Acquisition Act on November 19,1966. For the assessment years 1967-68 and 1969-70 to 1973-74, the assessee returned the valuation of the property for purposes of wealth-tax at the figure of compensation which he received from the Land Acquisition Collector. When the matter came up for assessment before the Wealth-tax Officer, the Wealth-tax Officer fixed the valuation at the figure which the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee, namely, right to receive enhanced compensation. The Tribunal agreed with the submission that it was so but found, in the absence of any material, that the Commissioner of Wealth-tax (Appeals) was right in accepting the valuation figure as given by the assessee. Thereafter, the Commissioner of Wealth-tax applied for referring certain questions to the High Court but the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther of those enactments to evaluate the property (the right to receive compensation at market value on the date of the relevant notification) as on the relevant date (i. e., the date of death under the E.D. Act or the valuation date under the W.T. Act). In the case of the right to receive compensation, which is property, the estimated value can never be below the figure quantified by the Collec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his right had been laid by the Supreme Court, the next question which arose was how this right is to be valued. No material was placed by any of the parties in that behalf before the Wealth-tax Officer or before the Tribunal. In the absence of such material, the Tribunal accepted the valuation of the assessee which was based on the award of the Collector. It is conceded that there is no other ev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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