2003 (3) TMI 5

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.... Revenue, the following questions have been referred to us for our consideration: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the entire extent of 3,434 sq. mts. of land at Mylapore should be valued at the rate of compensation payable under the Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978, and not at market ....

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....which building existed over an area of 11,962 sq. mts. That position continues for these assessment years also. The assessee was entitled to retain 2,000 sq. mts. of vacant land and, therefore, 47,562 sq.mts. was in excess. The assessee obtained an order from the Government permitting it to retain the land subject to the condition that the same shall not be alienated in any manner and be solely us....

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....nd Regulation) Act, 1978. That order of the Tribunal was made on August 28, 1992. For the assessment years 1989-90 and 1990-91 the Assessing Officer had taken the market value and the Commissioner, on appeal, had chosen to follow the orders for the assessment years 1984-85 to 1988-89 wherein also he had adopted the market value. At the time the Commissioner made the order, on appeal, the order ....

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....der of the Tribunal for the earlier assessment years clearly contains a finding that the entire extent of 3,434 sq.mts. of land in Mylapore, at Radhakrishnan Road is part of the land for which exemption has been granted. The second question is, therefore, returned unanswered. Regarding the first question, the entire extent of land at Mylapore being part of the area which has been exempted under....