TaxTMI 
TaxTMI 
1996 (9) TMI 33
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....s right in holding that the sum of Rs. 4,60,782 being the compensation determined by the Government of Tamil Nadu should be taken as the market value of the lands as on the valuation dates March 31, 1970 and March 31, 1971, especially when the compensation has not been determined or paid during the assessment year and the assessee continued to be the owner of the estate?" For the assessment years 1970-71 and 1971-72, the relevant valuation dates are March 31, 1970, and March 31, 1971, respectively. The assessee possessed vast tracts of agricultural lands of about 1,918.98 1/2 acres, out of which 766.11 1/2 acres were sold before the valuation dates, leaving 1,152.87 acres on the respective valuation dates. While filing the returns of wealt....
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....rnment had finally taken over 993.71 acres under the Land Ceiling Act, leaving only 159.16 acres with the assessee, that the lands left with the assessee consisted of agricultural lands and gardens, which did not come within the purview of the Land Ceiling Act; that in respect of the value of the lands taken over by the Government the assessee received a compensation of only Rs. 4,60,782; that in respect of the lands allowed to be retained by the Government, some lands were sold in subsequent years and in respect of these lands, the sale value alone would be taken and the value worked out to about Rs. 45,280. The Appellate Assistant Commissioner, therefore, directed the Wealth-tax Officer to value these lands on the above basis. Aggrieved ....
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....ubmitted that the Tribunal was not correct in accepting the value of the land as determined by the Appellate Assistant Commissioner for the assessment years under consideration. On the other hand, learned counsel appearing for the assessee, while supporting the order passed by the Tribunal, submitted that the order passed by the Tribunal is reasonable, since the Tribunal has taken into consideration all the elements, leading to depressing the market value of the land in question, which are actually acquired by the Government under the Land Ceiling Act. We have considered the rival submissions. The fact remains that in the wealth-tax assessment of the assessee, for the assessment years 1970-71 and 1971-72, the respective valuation dates ar....