1998 (8) TMI 81

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.... be acquired and Farooque had made a claim to the authorities for compensation upwards of Rs. 60 lakhs. Ultimately, however, after issuance of advertisements inviting objections, the possession of the land was taken and, therefore, vesting occurred, as late as in 1987. The awarded compensation as on that basis came to about Rs. 59 lakhs which included Rs. 9 lakhs and odd as solatium and about Rs. 18 lakhs and half by way of interest. The questions framed before us arise out of this contention, that if the land and building ultimately fetched in 1987 nearly Rs. 59 lakhs by way of compensation, should not be the estate duty assessment made for the estate which passed in 1984, also accept some such figure for estate duty assessment? A....

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....xact formulation of a lawyer's point of view, that acquisition was a certainty. If acquisition were not a certainty in April, 1984, the assessment of the compensation money which might, on a possibility, be got later on could not be a relevant factor in valuing Farooque's estate in April, 1984. It would be most unjust to opine that the concerned Estate Duty Officer would have to make a valuation in April, 1984, on the basis of the wisdom which he acquired from later evidence which might have turned out quite differently than how the events actually turned out. Thus, when the Tribunal directed the valuation of the property to be made on the basis of the wealth-tax assessment, the Tribunal was adopting a just and rational procedure and ....