2004 (5) TMI 33

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....e J. - This is a reference made at the instance of the Revenue under section 27(3) of the Wealth-tax Act, 1957, for answering the following question of law: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the order of the Commissioner of Wealth-tax (Appeals) holding that the value of the land should not be added while valuing the property on the....

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....ing reliance on the decision reported in CIT v. Smt. Ashima Sinha [1979] 116 ITR 26 (Cal) and CWT v. Ram Saran Kajriwal [1987] 168 ITR 485 (All), the valuation of land cannot be taken into account when the method of rent capitalisation is adopted. It is against this view of the Tribunal, the Revenue has felt aggrieved and prayed the reference on the question referred to this court for answer. H....

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.... standing on the land on the basis of rent capitalisation method? It was held in clear terms that it cannot be so added. This is what the Calcutta High Court held and the same was followed by the Allahabad High Court: "In the method adopted by the Valuation Officer, the value of the land is taken twice, once being included in the amount arrived at by the yield or rental method and again under t....