1979 (5) TMI 64

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....4 cents of vacant site in the Coimbatore town. 2. For the wealth-tax assessment for the year 76-77 (valuation date 31st March, 1976) the assessee valued the above 14 cents of vacant site at Rs. 1,740 per cent. The WTO, however, estimated the value of the above land by applying a rate of Rs. 3,000 per cent. On appeal, the AAC of wealth-tax confirmed the estimate of the WTO. The assessee has come....

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....tive drew our attention to the fact that the assessee obtained this property under a deed of partition, dt. 10th March, 1972, in which the above 14 cents of land was valued at Rs. 36,530 stated to be on the basis of guideline valuation. He further submitted that having regard to the efflux of time from10th March, 1972 till 31st March, 1976, the rate of Rs. 3,000 adopted by the authorities below fo....