2006 (7) TMI 105

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....and 8 of 1995. 2. The matters are being taken up for simultaneous hearing as in Reference Application No.33/34-35/Ahd/87, a common statement of case was drawn and the questions posed in sub-paragraph (1) and sub-paragraph (2) were referred to this Court for answer. 3. It is to be noted that the third matter was separately registered as Wealth-tax Reference No.56 of 1991 and was finally dispo....

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.... decided on December 2, 2004. 4. In Wealth-tax Reference No.16 of 1993, the Court, after considering the totality of the circumstances and taking into consideration the character of the land and further potential use to which it can be put in future, observed that the potentiality may increase price, but, would not change the basic character. The Court observed that the land was rightly treated....

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....diately be answered in favour of the assessee. Inflation or escalation in price of the agricultural land would not change the basic character of the land. If the land is recorded as agricultural, it would continue to be the agricultural land. If somebody, thinking that the said land can be put to some other purpose, purchases the land for a higher price and thereafter, changes the use, for the fir....

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....erned, the Income-tax Appellate Tribunal was absolutely right in law and on facts in confirming the view taken by the Commissioner of Wealth-tax in adopting the valuation of the land in question for assessment years 1976-77 to 1978-79. It is to be seen that the assessees before us were holding other agricultural lands also, which were also sought to be valued at the market price treating them to b....