2006 (1) TMI 100

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....karan J. - The tax case appeals Nos. 1452 to 1455 of 2005 are directed against the order of the Income-tax Appellate Tribunal in M.P. Nos. 188 to 191/Mds/2004 in W.T.A. Nos. 258 to 261/Mds/96 dated November 5, 2004 for the assessment years 1991-92 to 1994-95. The Revenue is the appellant. The assessment years involved are 1991-92 to 1994-95 the assessee filed a return of wealth for the assessme....

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....nder the Tamil Nadu Urban Land (Ceiling and Regulation) Act, as it would come within the purview of that Act. 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 Tribunal was right in holding that the immovable property subject to urban land ceiling laws should only be....

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....." In the case of CIT v. R. Padmavathy Ammal [1998] 230 ITR 922 a Division Bench of this court following the abovesaid decision held that: "When the value of the lands was determined by the Government, the Government heard the claimants and took into account the character of the land, the value of the land in the nearby vicinity and other advantages and disadvantages with regard to the locat....

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.... cannot be more than what the Government was to offer to the assessee under the provisions of the Ceiling Act." This court in T.C. (A) Nos. 931 and 932 of 2005, dated October 26, 2005, in the assessee's own case (CWT v. Simpson and General Finance Co. Ltd. (No. 1) [2006] 285 ITR 429) following the Gujarat High Court decision in CIT v. G.S. Krishnavati Vahuji Maharaj Kalyanraiji Temple [2003] 26....