9911796707
TMI Blog1989 (12) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... 79 and Rs. 5,75,600 respectively for the A.Ys. 1980-81 and 1981-82. The main additions, which are subject matter of the present appeals and the cross objections, related to valuation and nature of land situated in the village area of Vatva and Paladi. The assessee had declared the value of his half share in the land at Vatva at Rs. 8,400, which was based on the report of a Registered Valuer of agricultural lands, who had valued the Said land at a total figure of Rs. 16,800 vide his report dated 28th June, 1980. The assessee claimed the value of the aforesaid agricultural land as exempt and had thus shown nil value for his half share in the said land. The WTO held that the land in question is not agricultural land and he valued it at the rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming the value of the said land as determined by the WTO in its cross objections. The assessee has also taken an alternative ground that in case the nature of land at village Vatva is not accepted as agricultural, then the valuation of the land should be made as per the provisions of the Urban Land Ceiling Act. It has been further mentioned in the cross objections that the Dy. CWT(A) ought to have also clearly held that agricultural land is exempt under the provisions of Wealth-tax Act. 4. We will first dealt with the question relating to land situated in the village area of Vatva as to whether it was an agricultural land and, if so, what should be the correct value of the said land. The learned departmental representative vehemently argu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven exist on the said land at present as is stated to have been mentioned in the Inspector's report. The Inspector's report was not supplied to the assessee and no opportunity was given to the assessee to place the material in rebuttal of such report. He further submitted that the assessee had submitted a report from the the Registered Valuer who is approved by the Board for the purpose of valuation of agricultural land. This report was duly submitted before the WTO during the course of assessment proceedings. The WTO ought to have accepted the report of the Registered Valuer who had clearly certified that the land in question is an agricultural land and had valued the same by treating it as such at Rs. 16,800. He further submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chand Nawalkha v. WTO [1987] 23 TLR 228K. In the alternative the learned counsel contended that if it is not treated as an agricultural land, the value of the land should be assessed according to the provisions of U.L.C. Act. He further submitted that the Dy. CWT(A) should have accepted the declared value of the agricultural land instead of reducing it to only 50% of the value adopted by the WTO. He thus submitted that the appeals submitted by the department in relation to this ground deserves to be rejected and the cross objections submitted by the assessee praying for acceptance of the declared value of the agricultural land may kindly be accepted. 6. We have carefully considered the rival submissions and have also gone through the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 7/12 submitted by the assessee. The land in question has never been put to any non-agricultural use. On a careful consideration of the totality of the circumstances we are fully convinced that the Dy. CWT(A) has rightly accepted the assessee's contention that the land in question should be treated as agricultural land. The value of the said land has been determined by a Registered Valuer of agricultural land, who has been approved by the Board for the purposes of determining the fair market value of such lands. He is not an agent of the assessee but he is an expert approved by the Board, who, after personal inspection of the property, has determined the value of the said agricultural land at Rs. 16,800. The assessee has declared his half ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. for estimating the value of the aforesaid land in the years under consideration. 8. The learned D.R. supported the orders passed by the learned authorities below and contended that the value of aforesaid plot at Paladi estimated by the WTO and confirmed by the Dy. CWT(A) is fully justified. The said land had been sold at the rate of Rs. 280 per sq. yd. in the year 1982 and keeping in view the rate of increase in the value of land, the valuation made by the WTO at Rs. 225 Rs. 250 per sq. yd. in A.Ys. 1980-81 and 1981-82 respectively is most reasonable. 9. We have considered the rival submissions and have also gone through the relevant material. The rate of this plot of land as per the banakat executed on 12-4-1974 was Rs. 65 per sq. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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