2005 (10) TMI 74

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....e above tax case appeals are directed against the order of the Income-tax Appellate Tribunal in W.T.A. Nos. 27 and 163/Mds. of 1999, dated February 17, 2005. The Revenue is the appellant. The assessment years involved are 1995-96 and 1996-97. The assessee filed a return of wealth for the assessment years 1995-96 and 1996-97. It was found that the value adopted for the property situate at Sembia....

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.... Tribunal dismissed the appeal holding that the compensation payable under the Tamil Nadu Urban Land (Ceiling and Regulation) Act should be the basis for valuing the property and not by adopting the market rate. Aggrieved against the same, the Revenue has preferred these appeals raising the following substantial question of law: "Whether, on the facts and circumstances of the case, the Tribu....