2002 (11) TMI 27

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.... A. R. DAVE J. - At the instance of the Commissioner of Wealth-tax, Baroda, the following questions have been referred to this court for its opinion under the provisions of section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as the "Act"): "1. Whether, on the facts and in the law, the determination of the value of the property by the Commissioner of Wealth-tax (Appeals) as con....

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....1,090.33 sq. mtrs. The said land was covered under the provisions of the Urban Land (Ceiling and Regulation) Act, 1976 (hereinafter referred to as the "Ceiling Act"). The Wealth-tax Officer, relying upon the report of the Valuation Officer, valued the entire land at the rate of Rs. 33 per sq. yd. for the assessment year 1979-80 and at Rs. 48 per sq. yd. for the assessment year 1980-81. The Asse....

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....ssed all the appeals upholding the view expressed by the Commissioner of Wealth-tax (Appeals). In the above referred circumstances, the questions referred to hereinabove, are to be answered by this court. Shri M. R. Bhatt, learned counsel, has made all possible efforts to support the view expressed by the Wealth-tax Officer and has tried to submit that the common order passed by the Tribunal....

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.... all the three assessment years. The said order refers to the judgment delivered by the Madras High Court in the case of CWT v. K. S. Ranganatha Mudaliar [1984] 150 ITR 619. Looking to the law laid down in the said judgment and on the basis of the settled principles of valuation, we cannot find any fault with the conclusions arrived at by the Tribunal. Whenever there is any restriction on the t....