1995 (12) TMI 70

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....his reference under section 27(1) of the Wealth-tax Act, 1957, the following question of law has been referred by the Income-tax Appellate Tribunal to this court for opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the reversionary value of the land was not includible for purpose of valuation when the property was va....

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....rsionary value of the land to the value of the property in question arrived at by the Departmental valuer by the rent capitalisation method, the assessee appealed to the Commissioner of Wealth-tax (Appeals). The Commissioner of Wealth-tax (Appeals), following the decision of the Calcutta High Court in CWT v. Smt. Ashima Sinha [1979] 116 ITR 26, accepted the contention of the assessee and directed ....

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....oth the land and building is determined and, hence, the value of the land cannot again be added thereto by adding the " reversionary " value of the land on the ground that the building is very old. We are in agreement with the ratio of the decision of the Calcutta High Court in this regard in CIT v. Smt. Ashima Sinha [1979] 116 ITR 26. We have also perused the decision of the Karnataka High Court ....