1998 (6) TMI 31

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....J.--This is a petition by the assessee to direct the Income-tax Appellate Tribunal to state a case and refer the following questions of law under section 27(3) of the Wealth-tax Act, 1957, in respect of valuation of the land for the assessment year 1988-89 : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the valuation of the land of the ass....

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.... Appellate Tribunal, on appeal, by the assessee, rejected the contention of the assessee that the value of the properties should be made on the principles adopted under the relevant ceiling law. The Tribunal found that the property in dispute was exempted from the provisions of the Urban Land Ceiling Act by virtue of the order of the Government of Tamil Nadu and since the properties were exempted ....

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....of the Urban Land Ceiling Act cannot be adopted to determine the market value. There is no dispute that the properties were exempted from the operation of the provisions of the Urban Land Ceiling Act by a Government order and the valuation of a property exempted from the purview of the ceiling law cannot be made on the same basis as the valuation adopted to value the land within the ceiling level.....